Private Sector Sheds Jobs for Third Consecutive Month
Jobs Byte by Dean Baker
For Immediate Release: March 7, 2008
Contact: Alan Barber, (202) 293-5380 x115
The job loss was broad-based but manufacturing and construction continue to be especially hard hit, losing 52,000 and 39,000 jobs, respectively. Job loss in manufacturing was concentrated in the durable goods sector, which lost 40,000 jobs. Auto manufacturing lost 12,900 jobs in February. It has lost 75,500 jobs, or 7.4 percent of total employment, over the last year.
The job loss in construction was heaviest in the residential sector, but all sectors of construction reported job loss. This is consistent with Census data showing that non-residential construction is now declining also. Jobs in residential construction are now down by 408,000, or 11.6 percent, from their peak in February 2006. With residential construction down by almost 30 percent over this period, clearly job loss is understated in the survey, presumably because many undocumented workers were never counted.