September 10, 2007 – The U.S. economy lost 4,000 jobs in August, according to a report released Friday by the Bureau of Labor Statistics. The job loss was the first monthly decline in jobs since August 2003. The BLS also revised June and July’s job numbers down by 81,000.
The manufacturing and construction industries were hit hardest in August, losing a combined 68,000 jobs.
The latest job numbers, combined with a worsening housing crunch and other economic worries, raise many concerns about the economy slipping into a recession.
“While we cannot draw a firm conclusion based on one month of jobs data, a host of factors point to a new and troubling job market: negative revisions of earlier months’ data, widespread losses and slowdowns across industries and weak labor force growth,” Jared Bernstein said in the Economic Policy Institute’s latest jobs picture.