Unemployment Hit 8.4 Percent in February
Nearly 300,000 of the 3.5 million workers in Washington are now officially unemployed. Now at 8.4 percent, the seasonally adjusted unemployment rate is the highest since 1985.
Since the recession began in Dec. 2007, Washington has lagged behind other parts of the country in terms of feeling economic pain, but not anymore. Last month, 28,200 workers lost their jobs and the number of unemployed in January has been adjusted up 8,700. Nationally the unemployment rate - 7.8 percent - is the same as the Seattle-area.
Since the recession began in Dec. 2007, Washington has lagged behind other parts of the country in terms of feeling economic pain, but not anymore. Last month, 28,200 workers lost their jobs and the number of unemployed in January has been adjusted up 8,700. Nationally the unemployment rate - 7.8 percent - is the same as the Seattle-area.
"The employment indicators for durable goods suggest that consumers are waiting on the sidelines for clearer signs that the stimulus packages will provide jobs, and that a stable financial system will allow them to purchase big ticket items at lower rates of interest. Therefore, monthly employment growth over several consecutive months in durable goods, construction, and financial services may signal a turning point for the economy during this recession," according to today's report.
The financial services sector saw some growth, but it came from 1,200 jobs in "credit intermediation." These jobs are more likely a result of the current credit crisis rather than a positive economic indicator of growth.
The two other key sectors to watch, construction and durable goods, continue shedding jobs. Durable goods dropped another 13,200 workers and 24,100 construction jobs disappeared last month.
The total number of employed workers in Washington is at 2.87 million out of 3.5 million.
Recession
Unemployment
The financial services sector saw some growth, but it came from 1,200 jobs in "credit intermediation." These jobs are more likely a result of the current credit crisis rather than a positive economic indicator of growth.
The two other key sectors to watch, construction and durable goods, continue shedding jobs. Durable goods dropped another 13,200 workers and 24,100 construction jobs disappeared last month.
The total number of employed workers in Washington is at 2.87 million out of 3.5 million.
@SeattleTweetr: Seattle sports-arena talks well under way, documents show - Seattle Times http://t.co/YtA0mBZh #Seattle
Regardless, I am really enjoying this new newspaper and so that is excellent!
By Rebecca McCarthy
Seattle, WA
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