December: 500k Jobs Lost, Unemployment Reaches 7.2% | KXNet.com North Dakota News

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December: 500k Jobs Lost, Unemployment Reaches 7.2%



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In figures released in the December jobs report by the Labor Department, more than a half million jobs were lost and unemployment spiked to 7.2 percent.



The U.S. economy lost 524,000 jobs in December, closing out the worst year for job losses since World War II, the Labor Department said Friday.



Nearly 2.6 million jobs were lost in 2008, with 1.9 million destroyed in just the past four months, according to a survey of work places. It's the biggest job loss in any calendar year since 1945, when 2.75 million jobs were lost as the wartime economy was demobilized.



The 1.5 million jobs lost in the fourth quarter were the most in any three-month period since 1945.
As a percentage of employment, job losses in 2008 totaled 1.8%, the worst since 1982 and the third largest since the war.



The numbers were released as Congresswoman Hilda Solis (D-California) began her Senate confirmation hearings as the next Secretary of Labor for President-elect Barack Obama's incoming administration.



President-elect Barack Obama's pick to become the top U.S. labor official said on Friday her priorities would be to boost job training and search assistance to fight a deepening U.S. recession.



Democratic Rep. Hilda Solis, tapped by Obama to become labor secretary, also told her Senate confirmation hearing she would fight job discrimination and ensure employees "get the pay they have earned working in safe, healthy and fair workplaces."

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Disclaimer: This article is a blog post and does not represent the views or opinions of Reiten Television, KXNet.com, its staff and associates and is wholly owned by the user who posted this content.


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