Unemployment rate falls to 9.7 percent in January, but 20,000 jobs lost
Emily Henry | 2-5-2010 | Comments |
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The Bureau of Labor Statistics released its employment situation summary today, noting that the unemployment rate fell from 10 to 9.7 percent in January. But is the news as good as it sounds? Millions still jobless
Despite the decline in the unemployment rate, 14.8 million Americans are still jobless. Unemployment is also affecting certain demographic groups more than others. Adult men are less likely to be employed than women (10 percent compared to 7.9 percent) with teenagers faring the worst in the current market at an unemployment rate of 26.4 percent. More women have entered the job market since the start of the Recession in December 2007, and now make up 49.9 percent of total employment (up from 48.8 percent.)
The African-American population is suffering the highest jobless rate among all races, with 16.5 percent of African-American men and women currently unemployed. Latino men and women follow close behind, with a jobless of rate of 12.6 percent. The white population stand at a jobless rate of 8.7 percent, with Asian men and women suffering the least unemployment at 8.4 percent.
The Job Market at a Glance (Numbers in thousands)
Industries gaining, and losing
Among the industries that continue to shrink, construction is suffering heavily along with 75,000 job losses in January. Transportation and warehousing came in second with 19,000 job losses, mainly due to "a large job loss among couriers and messengers," according to the Bureau of Labor Statistics. However, temporary help services added 52,000 jobs and retail trade industries expanded by 42,000 jobs. Employment in the health care industry also continued to swell, with an 15,000 jobs added in January.
In government, 33,000 jobs, including 9,000 temporary positions for Census 2010, were added at the federal level. Employment in state and local governments, however, continued to decline.
What it all means
The good news, according to President Obama, is that the figures released by the Bureau of Labor Statistics indicate a positive incline - however slight - toward regaining ground lost during the Recession.
"Today we received additional news suggesting that we are climbing out of the huge hole that we found ourselves in," said Obama during his visit to Lanham, Maryland today. "These numbers, while positive, are a cause for hope, but not celebration, because far too many of our neighbors and friends and family are still out of work."
Tags: jobs the bureau of labor statistics unemployment unemployment rate