Employment situation deteriorates further

July 2, 2009 | Print this Page.
Many sectors hit with net job losses
According to the latest data from the Bureau of Labor Statistics, nonfarm payroll employment declined in June with net job losses totaling 467,000.

The unemployment rate ticked slightly higher to 9.5 percent and the total number of unemployed persons has increased by 7.2 million since the onset of the recession in December 2007, reports the BLS.

One sector that has seen major setbacks since the recession began, the manufacturing industry, realized another month of significant job losses.

Employment at manufacturing companies fell by 136,000 in June bringing total net job loss in the sector to 1.9 million during the recession.

Small manufacturing companies that serve the auto industry have been particularly hard hit as consumer demand for cars has dwindled. Some looking for capital solutions from big banks have instead turned to small community lenders or nontraditional sources for financing.

Manufacturers producing motor vehicles and parts saw employment fall by 27,000 while fabricated metal companies lost 18,000 and machinery employment fell by 14,000.

Since December 2007, motor vehicles and parts employment has declined by 335,000, according to government statistics.

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