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Kimberly Amadeo

Economy Lost 6.2 Million Jobs in Last 12 Months

By September 6, 2009

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Since last August, employment is down 6.2 million jobs. The year-over-year stats show things are getting worse, not better. In the 2001 recession, the economy did not regain health until this number trended up. Although that recession only lasted 8 months, it led to 29 months of job losses. (See Google Spreadsheet Employment)

The unemployment rate is now 9.7%. However, this is nowhere near as bad as the 1982 recession, when unemployment was above 10% for 10 months. (Source: BLS, Employment Situation Summary)

Manufacturing, a leading indicator, continues to decline. The economy now has 1.66 million fewer manufacturing jobs than the year before, continuing a two-year decline. Manufacturing is a leading indicator because it produces the big-ticket items consumers put off buying in a recession. Once the economy starts to improve, these orders are the first to come back. In the last recession, manufacturing jobs started to improve before the overall job market. (See Google Spreadsheet Manufacturing Jobs)

For a history of employment reports since March 2007, read Employment Statistics History.

What This Means for You

Only two sectors added jobs in August: Healthcare and education. If you are considering a change, now is a good time to get trained for health care. If you have been laid off, then these articles will help you get a new job, so that you won't be a statistic in next month's unemployment report.

Articles from Alison Doyle, About.com Guide to Job Searching

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(Photo Credit: Chris Hondros /Getty Images)

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