On this day in 2009, the U.S. Department of Labor reported that employers throughout the country cut 467,000 jobs over the course of the prior month, driving the nation’s unemployment rate up to 9.5 percent – a 26-year high.
The job losses occurred in nearly every sector of the economy, but manufacturing and construction businesses were hit particularly hard. Construction companies alone slashed 79,000 jobs that month, while manufacturers shed 136,000. The auto industry got rid of 30,000 jobs. The telecom industry was the only employer to add jobs – its workforce was increased by 900.
Today, these cuts serve as a stark reminder of the recession that began in 2007.
Photo: Don Ryan/AP