Economy Sheds Jobs, Unemployment Stable
Jobs Byte by Dean Baker
For Immediate Release: February 1, 2008
Contact: Alan Barber, (202) 293-5380 x115
The job loss in the establishment survey was driven by losses of 28,000 jobs in manufacturing, 27,000 jobs in construction and 26,000 state government education jobs. The latter is likely due to a faulty seasonal adjustment and will probably be reversed in future months, but the declining employment in construction and manufacturing is very real.
Residential construction has lost 189,300 jobs since July, 5.8 percent of employment in the sector. Employment in the non-residential sector has also been drifting downward in the last three months, indicating that the boom in this sector is over.