Economy Loses 80,000 Jobs, Unemployment Jumps to 5.1 Percent
Jobs Byte by Dean Baker
For Immediate Release: April 4, 2008
Contact: Alan Barber, (202) 293-5380 x115
The job loss in the establishment survey was widely spread across sectors, although construction and manufacturing continue to be hardest hit, shedding 51,000 and 48,000 jobs, respectively. Both residential and non-residential construction are now reducing payrolls, as overbuilding in the non-residential sector is leading developers to cut back in this sector also. Construction employment is down by 182,000 since November and by 356,000 (4.6 percent) over the last year.
Manufacturing employment is down by 151,000 since November and by 310,000 (2.2 percent) over the last year. The auto sector has been especially hard hit, losing 47,500 jobs since November and 95,000 (9.3 percent) over the last year, although this loss is somewhat inflated by a parts strike last month. The apparel and textile sectors also continue to be big losers, shedding 19,700 jobs since November and 45,700 jobs (8.2 percent) over the last year.