We welcome you to JobBank USA and hope your job hunting experience
is a pleasant one. We hope you find our resources useful.
February 1, 2008
WASHINGTON - The latest unemployment report offers a fresh sign that the economy is in danger of stalling. The Labor Department says employers cut 17,000 jobs in January, the first reduction in more than four years. Economists had predicted that employers would boost payrolls by around 70,000.
The same report shows that the unemployment rate unexpectedly dipped slightly to 4.9 percent, from 5 percent. That's attributed to people leaving the labor force for various reasons.
The figures suggest that employers have grown cautious as they try to cope with fallout from housing and credit problems and rising worry about the ailing economy.
Job losses were widespread. Manufacturers, construction firms and a variety of professional and business services eliminated jobs in January, as did the government. Those cuts swamped job gains in education, health care, retailing and elsewhere.
Wage growth also slowed, another indication that employers are tightening their belts.
Email This Page!