February 10, 2010

Latest Numbers Not Good for the Industry

The annual revision to employment numbers and lackluster employment activity in January 2010 led to a loss of over 7,000 jobs in the securities field.

The headlines say unemployment fell below 10 percent in January 2010, an unreliable measure because of the large numbers of people who have given up looking for a job.

Employment once again fell by 20,000, instead of the increase of 20,000 expected by economists. The last few years are now, officially, the worst period for employment since World War II with over 8 million people out of work.

Securities Industry

The annual revision to employment numbers coupled with lackluster employment activity in January led to a loss of over 7,000 jobs in this industry. This was the poorest performance for this sector since last September -- and total employment numbers of 792,700 made a new low watermark for a total job loss of 81,800 for this recession.

Finance and Insurance

The broader group got hit, as well, in January with a loss of nearly 32,000 jobs - the worst showing in a year. The job losses over the last two years have been staggering: with nearly a half million financial services workers losing employment.

Reprints Discuss this story
This is where the comments go.