U.S. Economy Loses 4,000 Jobs in August

Sept. 7, 2007
Big lost compared to July gain

After posting a 68,000 job gain in July, the August figure of a loss of 4,000 was unexpected. The Labor Department also reported on Sept. 7 that the unemployment rate remained at 4.6%

."Durable goods manufacturing lost 30,000 jobs, owing to the auto industry's woes and broader from Asian imports, benefiting from undervalued currencies and other subsidies, limits employment, " explained Peter Morici, professor at the University of Maryland School of Business and former Chief Economist at the U.S. International Trade Commission.

Overall in August manufacturing lost 46,000 jobs, and over the last 89 months, manufacturing has shed more than 3.3 million jobs. "Were the trade deficit cut in half, manufacturing would recoup about 2 million of those jobs," said Morici.

Popular Sponsored Recommendations

Empowering the Modern Workforce: The Power of Connected Worker Technologies

March 1, 2024
Explore real-world strategies to boost worker safety, collaboration, training, and productivity in manufacturing. Emphasizing Industry 4.0, we'll discuss digitalization and automation...

3 Best Practices to Create a Product-Centric Competitive Advantage with PRO.FILE PLM

Jan. 25, 2024
Gain insight on best practices and strategies you need to accelerate engineering change management and reduce time to market. Register now for your opportunity to accelerate your...

Transformative Capabilities for XaaS Models in Manufacturing

Feb. 14, 2024
The manufacturing sector is undergoing a pivotal shift toward "servitization," or enhancing product offerings with services and embracing a subscription model. This transition...

Shifting Your Business from Products to Service-Based Business Models: Generating Predictable Revenues

Oct. 27, 2023
Executive summary on a recent IndustryWeek-hosted webinar sponsored by SAP

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!