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U.S. Loses 651,000 Jobs in February, Including 168,000 in Manufacturing
U.S. Must Stimulate Manufacturing to Stop Economic Slide
WASHINGTON, DC – The U.S. Bureau of Labor Statistics (BLS) reported today that the United States lost 651,000 jobs in February. From February 2008 to February 2009, U.S. nonfarm employment has fallen from 137,936,000 to 133,768,000, a loss of 4.168 million jobs.
U.S. manufacturing employment fell by 168,000 jobs in February, dropping to 12.477 million. January’s U.S. manufacturing job losses were revised to 257,000, up from the initial estimate of 207,000 in last month’s report. U.S. manufacturing employment now is at its lowest level since July 1941, five months prior to the U.S. entry into World War II. In the last decade, from February 1999 to February 2009, U.S. manufacturing employment has fallen more than 28 percent, a loss of 4.918 million good middle-class jobs.
American Manufacturing Trade Action Coalition (AMTAC) Executive Director Auggie Tantillo said, "These job losses are staggering but sadly predictable. They are the logical outcome of an economic policy that was doomed to fail."
"America is facing its greatest economic crisis since the Great Depression because it thought it could substitute debt to mask a shortfall in U.S. production. America will not be able to borrow its way out of this crisis; it will need to manufacture its way out to keep its standard of living,” Tantillo continued.
Originally posted by stander
Pause, we must investigate the unexpected drop that the Dow will go through on Monday before it happens and prevent further erosion of shares value . . .
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