Vol. 72/No. 29      July 21, 2008

The bosses have cut nearly 438,000 jobs since January. One of the heaviest-hit sections of the working class is in the construction industry. Construction jobs fell by 43,000 in June. Manufacturing jobs fell by 33,000. Mining jobs grew by 8,000; food services by 16,000. The largest number of new jobs came from local government.

Despite this, the official unemployment rate remained at 5.5 percent. Official unemployment statistics do not include workers who are employed only part-time. Other large sections of the working class, including those who have stopped looking for work, are also excluded in the official statistics.

The major auto companies said they will lay off at least 25,000 workers this summer and fall from more than 15 assembly plants nationwide. General Motors will lay off 11,000 employees, some for weeks and some for months. Ford will lay off some 5,000 and Chrysler, about 9,500.

Since 2006, GM, Ford, and Chrysler have cut more than 100,000 jobs through contract buyouts and other special retirement programs.

The airlines bosses also continue to slash jobs. Delta Airlines will get rid of 4,000 jobs. Continental is cutting 3,000 workers. American Airlines says it will cut 900 flight attendant jobs and also reduce the number of pilots and mechanics it employs.

Part-time work has surged over the past year. The Bureau of Labor Statistics reports that the category it terms "working part time, but want full-time work" has risen more than 25 percent since June 2007 to 5.4 million.

Today 18 percent of teenagers age 16 to 19 are officially unemployed, two percent higher than one year ago.  
 
 
Front page (for this issue) | Home | Text-version home