•Press Release
July 3, 2008 (Jobs Byte)
Jobs Byte by Dean Baker
For Immediate Release: July 3, 2008
Contact: Meghan Morgavan, (202) 293-5380 x102
"Private sector job gains in the Bush years may fall below 3 million by November."
The employment to population ratio (EPOP) ratio fell to 62.4 percent in June, its lowest level in more than three years, as the economy lost another 62,000 jobs in June. This was the sixth consecutive month in which the economy lost jobs. The private sector lost 91,000 jobs in June. With the April and May numbers revised down by 76,000, the job loss in the private sector over the last three months has been 273,000, an average of 91,000 a month. The private sector has now shed 578,000 jobs since employment peaked in November.
Job loss continues to be led by construction and manufacturing, but most sectors are now losing jobs. Construction lost 43,000 jobs in June, with both residential and non-residential construction now shedding jobs. Employment in residential construction has fallen by 15.8 percent since its peak in February of 2006. By comparison, real spending is down by almost 50 percent over this period. The fact that employment has fallen so much less than production undoubtedly reflects the fact that many undocumented workers never showed up in the employment data.
Losses were widespread across sectors. Manufacturing lost 33,000 jobs in June, a number that would have been larger had it not been for the return of about 15,000 striking workers in the auto sector.
