For Immediate Release
December 5, 2008 |
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FOR MORE INFORMATION:
Cullen Schwarz
Office: 202.225.4961
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Dramatic November Jobs Lost Figures
Highlight What Is at Stake in Auto Bridge Loan |
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Congress Must Not Risk the Loss of Millions of Jobs |
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(Washington D.C.)- Rep. Sander Levin issued the following statement on the announcement by the Bureau of Labor Statistics that the United States lost 533,000 jobs during November, the largest one month decline since 1974.
“It is clear from this jobs report that the recession is getting deeper and economic times for American families are very difficult,” said Rep. Sander Levin. “Congress and the Administration must not risk the catastrophic consequences of the failure of a domestic automaker.”
The Economic Policy Institute released a new report estimating that the bankruptcy of one or more of the U.S. automakers could eliminate up to 3.3 million U.S. jobs within the next year. These job loss estimates are across all 50 states and include 192,800 direct jobs, 1,028,500 indirect jobs and 2,088,400 re-spending jobs. The full report may be found at http://www.epi.org/content.cfm/bp227
“The House Financial Services Committee is today giving the auto industry a full and positive hearing,” said Rep. Levin. “Members are increasingly speaking out in favor of action. The Administration must join with Congress in taking action, not risking millions of additional jobs loss to an already extremely fragile economy as evidenced by the half a million jobs lost in just one month.”
Background on the Jobs Report
Jobs lost nationally in November: 533,000. This is the largest one-month decline since December 1974. The revised job losses for September and October are also significantly higher than previously reported. For September, the original figure was 159,000. The revised figure is 403,000 jobs lost in September. For October, the original figure was 240,000; the revised total is 320,000 jobs lost during October. This means that since the start of the current recession, the U.S. has shed 1.9 million jobs. 1.3 million of those have been lost in the last 4 months alone.
National unemployment rate for November: 6.7%. Up from 6.5% in October. Since the start of the current recession, announced this week to have begun in December 2007, the unemployment rate has risen 1.7%. The current unemployment rate is the highest in 15 years.
Manufacturing jobs lost in November: 85,000. Since August, 258,000 manufacturing jobs have been lost. Since the start of the recession in December 2007, 604,000 manufacturing jobs have been lost.
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To Contact Congressman Levin: -
Email Congressman Levin In Michigan: 27085 Gratiot Ave, Roseville, MI 48066 | (586) 498-7122 | (248) 968-2025
In Washington: 1236 Longworth House Office Building, Washington, DC 20515 | (202) 225-4961
