firehand

Prometheus 6   

Do not make the mistake of thinking that because my conclusion is the same as another person's that my reasoning is the same

September 05, 2003

 

I'm here to tell you better days are ahead!

With apologies to Tom Toles

Layoffs Rose Sharply Last Month, Report Says
By THE ASSOCIATED PRESS

Filed at 8:58 a.m. ET

WASHINGTON (AP) -- The civilian unemployment rate improved marginally last month -- sliding down to 6.1 percent -- as companies slashed payrolls by 93,000. Friday's report sent mixed signals about the nation's overall economic health.

August was the seventh consecutive month of cuts in payrolls, a survey released by the Labor Department showed, indicating continuing weakness in the job market. But the overall seasonally adjusted unemployment rate fell from 6.2 to 6.1 percent of the labor force, as reflected by a broader survey of U.S. households.

Last month's power blackout in the Northeast and Midwest caused significant disruptions in the economy, but Labor Department analysts say it was unlikely to have affected either of the monthly surveys.

The survey of businesses showed that job cuts were heavy again in manufacturing, a sector that has suffered the brunt of the economic downturn that began in March 2001. President Bush on Monday announced he was creating a new assistant secretary of Commerce position to focus on revitalizing that part of the economy.

Hiring in health care and construction helped offset losses in factories and other industries, such as information, professional and business services and government, Friday's report said.

Labor Department analysts believe the survey of businesses provides a more reliable picture of the jobs market than the household survey. The payroll report is based on a larger sample and estimates ``are regularly anchored to'' counts derived from employment insurance tax records, said Kathleen P. Utgoff, Bureau of Labor Statistics commissioner.

Last month, the number of people in the labor force remained largely unchanged, with just 10,000 giving up their job searches.[p6: just? ]

Posted by P6 at September 5, 2003 10:02 AM | Trackback URL: http://www.prometheus6.org/mt/mt-tb.cgi/1544
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