EPI: US Sees Largest Payroll Drop in Five Years

[Omaha Steve]

http://www.laborradio.org/node/8087

Most economists are being cautionary when it comes to throwing around the r-word, recession, but the most recent jobs report makes it even harder to deny that the economy is in some form of retreat if not yet a full blown recession. According to the Economic Policy Institute the Bureau of Labor Statistics reported the largest payroll loss in five years on Friday. Factory employment fell by 52,000 jobs last month – the largest drop since January of 2003. Temp workers also aren’t faring very well, employers let go of 28,000 jobs in the temp worker sector, the largest loss in five years. And if you are holding a part-time job while you would prefer to be working full time – you aren’t alone. EPI reports that the number of part-time employees who want to work full time is “up over 600,000 over the past year.” The retail sector was hit especially hard last month with more than 34,000 jobs being cut signaling a slip in consumer confidence.