Job Cuts Outpace Hiring
What’s bad? September saw 159,000 public sector employees laid off. What’s worse? A good number of those layoffs were teachers, as private sector hiring failed to keep pace with job cuts by federal and local governments.
The result was a net loss of 95,000 jobs last month. –JCL
Wait, before you go…
The US economy lost another 95,000 jobs in September, as public sector cuts outpaced hiring by the private sector.
According to the Labor Department figures, the fall was almost double August’s 54,000 job loss number.
The jobless rate held at 9.6%, but still marks the 14th straight month it has been above 9.5%.
A total of 159,000 government lay-offs were made in September, with the private sector adding 64,000 positions, the weakest gain since June.
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