Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: FRIDAY, February 1, 1991 TAG: 9102010778
SECTION: BUSINESS PAGE: A5 EDITION: EVENING
SOURCE: Associated Press
DATELINE: WASHINGTON LENGTH: Medium
Last month's rise in the civilian jobless rate, up from December's rate of 6.1 percent, means that unemployment since June has shot up at its fastest pace since the last recession.
Over the past seven months, 1.2 million Americans have joined the ranks of the unemployed and the nation has suffered its worst stretch of layoffs and job losses since 1982, with payrolls falling by more than 1 million jobs, today's report showed.
In January alone, the economy lost 232,000 jobs, a much bigger jobs decline than had been expected. Manufacturing and construction were particularly hard hit, the report said.
Economists said that even if the current recession turns out to be relatively short and mild, another 1 million Americans could lose their jobs as the unemployment rate peaks at around 7 percent later this year.
January's 6.2 percent rate was the highest since a similar 6.2 percent reading in June 1987.
The number of unemployed Americans who lost their last jobs rose by 270,000 in January to 4.1 million, the Labor Department said. The number of job losers has increased by about 850,000 since June and now accounts for more than half of the total unemployed, the agency said.
Unemployment rolls are also made up of people who quit their jobs or have recently entered the labor market.
January's huge 232,000 job loss followed a December payrolls loss of 150,000 - a revised number about twice as bad as that first reported a month ago by the government.
Construction payrolls fell by 155,000, after seasonal adjustment, to reflect a continued weakness in the housing market. The Labor Department blamed some of the loss on unusually bad weather at the first of the year, but also noted that construction jobs have tumbled by 450,000 since last May.
by CNB