4000 Jobs Lost In August
The Labor Department announced today that an estimated 4,000 US jobs were lost last month despite a forecasted 110,000 job gain.
These job losses in August reflect the first and largest decline since August 2003 and are attributed to losses primarily in the construction, manufacturing and transportation sectors.
The fact is that all of these sector job losses are a direct result of the housing slump and we have NOT seen bottom yet. Our strong economy throughout the Bush Administration has had a record housing market as its core.
The lack of Consumer confidence created by the latest housing crisis and credit crunch has filtered through to employers that sense a storm on the horizon and have begun to “batten down the hatches”. I tend to agree we have only begun our journey down this slipper slope that sub-prime lenders have placed us on.
We will continue to see the economy adversely affected as this housing crisis plays out through all on next year as some mortgages will as much as double and thousands of homeowners are forced into foreclosure.
~Rhonda McMillan
Broker
October 1st, 2007 at 5:17 pm
Please share your stories about lost manufacturing jobs.
The Alliance for American Manufacturing is a national, non-partisan group dedicated to strengthening U.S. manufacturing. AAM’s blog, ManufactureThis.org, covers issues related to U.S. manufacturing jobs and is compiling firsthand accounts of factory closings and lost jobs.
AAM invites people to share their stories about lost manufacturing jobs, either by emailing Steven Capozzola at scapozzola@aamfg.org, or by posting a comment directly on the blog, www.manufacturethis.org.
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