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Job Losses 438,000 In First Half

Published 07/08/08 Jeff Bennett - Print Article
E-mail - editor@economyincisis.org

For six consecutive months unemployment and job losses have increased, with May witnessing a 5.5 percent unemployment rate and first half job losses totaling 438,000, according to Money Morning.

As U.S. companies go abroad and cheap competition – encouraged by participation in NAFTA and the WTO – undermines American working-class standards and values, job retention is a key issue. U.S. industry and manufacturing need to once again become the backbone of this nation if we are to become strong and independent for our future generations.

Source Money Morning:

Payrolls tumbled for the sixth consecutive month in June, bringing the total number of job losses in the first half of the year to 438,000.

…

After shedding 62,000 jobs in May, U.S. employers slashed another 62,000 jobs in June, the Labor Department said last week. Builders reduced payrolls by 43,000 after cutting 37,000 employees in May. Financial firms cut 10,000 jobs in June after losing 3,000 the month prior. And factory payrolls dropped by 33,000 after declining 22,000 in May.

The national unemployment rate has gone up by a full percentage point in the past year, hitting 5.5% in May. The country added 91,000 on average in 2007, but has lost an average of 71,000 jobs each month this year.

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