• International Insurance Blog

  • Friday, February 23, 2018

Keith Hall, Commissioner, Bureau of Labor Statistics has these facts to present as the US seems to heading into a deeper recession:

- Payroll employment declines continued to be widespread among the major industries. In June, there were large decreases in manufacturing, construction, and professional and business services. Together, these three sectors have accounted for nearly three-quarters of the jobs lost since the recession began.

- Manufacturing employment fell by 136,000 in June, bringing job loss in this industry to 1.9 million since the start of the recession. Motor vehicle and parts employment declined by 27,000 over the month; since the start of the recession, the industry has lost 335,000 jobs, about one-third of its total.

- Construction employment decreased by 79,000 in June. Job losses in the industry have totaled 1.3 million during this recession.

- Employment in professional and business services dropped by 118,000 in June. Job losses occurred throughout the industry, including temporary help services (-38,000), services to buildings and dwellings (-17,000), and architectural and engineering services (-14,000). Since the start of the recession, professional and business services has lost 1.5 million jobs; temporary help services accounted for over half of this decline.

- Federal government employment fell by 49,000 in June, largely reflecting the layoff of workers temporarily hired to prepare for Census 2010. Elsewhere in the service-providing sector, job losses continued in financial activities (-27,000), information (-21,000), and wholesale trade (-16,000). Retail trade employment edged down over the month (-21,000); losses continued among auto dealerships (-9,000).

- The number of persons unemployed for 27 weeks or longer continued to increase in June. The 4.4 million long-term jobless individuals accounted for 3 in 10 unemployed persons.

With Americans being clobbered by waves of layoffs unlikely to ease in the coming months, it seems certain that the world’s largest economy is sinking into a deeper recession.

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