David Kirkpatrick

April 6, 2009

Job loss at 50-year high

Filed under: Business — Tags: , , , — David Kirkpatrick @ 2:18 pm

Ouch.

From the link:

Here’s another sign of how bad the recession is: It has eliminated more jobs as a proportion of the work force than any downturn since 1958, according to economists.

The Labor Department said Friday that employers cut 663,000 jobs last month, bringing the total net losses in the current recession to 5.1 million. The unemployment rate rose to 8.5 percent in March, the department said, the highest in more than 25 years.

Go below the fold for more stats from the link:

There are many other nuggets of data buried in the fine print of Friday’s employment report. Here are a few of the more interesting details, by the numbers.

___

THE STATE OF UNEMPLOYMENT

13.2 million: People unemployed in March 2009 _ the most ever in records that date to 1948

12.8 million: Population of Illinois, President Obama’s home state

___

A CITY’S WORTH OF JOB LOSSES

663,000: Net loss of jobs in March 2009

637,000: Population of Baltimore

___

COLLEGE STILL COUNTS

4.3 percent: Unemployment rate for college graduates

9 percent: Unemployment rate for people who graduated from high school but did not attend college

13.3 percent: Unemployment rate for those with no high school diploma

___

UNDEREMPLOYED

9 million: Number of part-time workers who would have preferred full-time work last month _ the most in records dating to 1955

2.1 million: People without jobs who wanted to work, were available and had looked in the last 12 months, but had not looked in the last month.

15.6 percent: Unemployment rate including involuntary part-time workers and those who hadn’t looked in 12 months _ the highest in records dating to 1994

___

DOWNTURNS, THEN AND NOW

8.5 percent: Unemployment rate in March 2009

10.8 percent: Unemployment rate in December 1982, one month after deep recession ended

October 1983: Last time the unemployment rate was higher than the current level

59.9 percent: Portion of the total population that had jobs in February

July 1985: Last time the portion was this low

___

MARCH UNEMPLOYMENT RATE BY GROUP

8.8 percent: Adult men

7 percent: Adult women

10.8 percent: Female heads of households

6.4 percent: Asians

7.9 percent: Whites

11.4 percent: Hispanics

13.3 percent: Blacks

21.7 percent: Teenagers

___

RECESSION AS JOB KILLER

5.1 million: Net job losses since recession began in December 2007

651,000: Jobs lost in February 2009

741,000: Jobs lost in January 2009

681,000: Jobs lost in December 2008

122,000: Jobs lost in March 2008

___

WHO’S SURVEYED

60,000: Number of households interviewed in the monthly Census Bureau survey from which the unemployment rate is extrapolated

40 percent: Portion of companies in the survey of businesses, from which payroll and job loss numbers are extrapolated, with fewer than 20 employees.

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