Economists were already braced for bad news in this
morning's December 2008 employment report from the Department of Labor, but the
numbers released were
even worse than expected:
- The
economy lost 524,000 jobs in December.
- The
number of jobs lost in October and November was revised upward by 150,000
jobs--November's job losses, previously reported as a 533,000 loss, were revised
to show a cut of 584,000. October's losses were revised to 423,000 from a
decline of 320,000.
- From
September through December nearly 2 million jobs were lost (1.934
million)
- The
unemployment rate is 7.2 percent, the highest level since January
1993.
- An
alternative measure of unemployment, which includes people who want to work but
are discouraged from looking for work, and people who are working part-time but
want to work full-time, is at 13.5 percent. (so, more than one in eight people
are either unemployed or underemployed).

There
were job losses in every single month in 2008, with December's job loss numbers bringing the yearly total to a whopping 2.6
million. That's the biggest annual loss since
the World War II era, when the nation experienced a 2.75 million drop in
1945.
The
largest number of job losses in December was in services-providing businesses,
which shed 273,000 jobs. The dismal December 2008 job losses picture spans across every sector,
with 149,000 jobs lost in manufacturing, 101,000 in construction, and 113,000 in
professional and business services. The retail sector shed 67,000 jobs. The few
areas of growth were in education and health care, which added 45,000 jobs in
December, and government, which added 7,000 jobs.
More
than 1.1 million Americans are out of work, and expectations
now are that the unemployment rate will reach 9 percent or more. Compounding an already-bleak situation for these millions of unemployed Americans is that fewer than
half currently receive unemployment benefits, either because
they work part time or because outdated regulations don't define them as having
been working recently.
SEIU's
two million members couldn't agree more with the urgency reinforced Obama in his
address that Congress must
act now to address this crisis and relieve the pain for working families
before a bad situation becomes dramatically worse. "If Congress needed just
three weeks to pass a Wall Street bailout, then we should be able to count on
our leaders to pass
A new state-by-state effort to ensure passage of the economic recovery
package was launched by SEIU this week. More details about the Change That Works campaign efforts here.

