US NFP reports 524,000 lost jobs in December, US unemployment reaches 7.2%

The total number of jobs lost in 2008 is 2.6 million. That is the most jobs lost since 1945. The unemployment rate finished the year at 7.2% the highest since 1993 and 0.2% higher than analysts had predicted.

Construction, Factories and Service Business were the hardest hit sectors combining for more than 360,000 lost jobs. Retailers lost 67,000 but it is expected they will report more losses in January as the holiday seasons numbers are reported.

As more companies announce massive layoffs the employment outlook looks grim as the economic recession enters its second year. President Elect Obama is aware of the challenges a potential double digit unemployment figure could bring to the American people and is ready to take action via a massive tax cut package in the neighborhood of $775 billion

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza