By Tom RicksUpdated Aug. 31, 2018 12:05 p.m.
EDTThe latest statistics show how people are losing jobs, homes and families as a result of the Great Recession, according to the Bureau of Labor Statistics.
A new report released Wednesday by the Economic Policy Institute, an independent research group in Washington, D.C., said the nation’s labor market is at a 30-year low, and the unemployment rate is now at its lowest level since the Great Depression.
The report, “The Great Recession: The Truth About What Happened,” finds that the nation lost nearly 4 million jobs in the third quarter of 2018, with the number of job losses in manufacturing and construction more than doubling.
And the number that remain are growing.
The unemployment rate for manufacturing workers is now 9.7 percent, up from 4.6 percent at the start of the recession.
And for construction workers, the unemployment is still higher at 12.6.
The rate for retail workers is down from 7.4 percent at its peak, and for other non-factory jobs, the rate is 3.6, according the report.
The number of manufacturing jobs that are not yet accounted for in the labor force dropped by 2.2 million during the third month of 2018.
But the number added to the workforce during the same period grew by 2 million, and has since declined slightly.
The labor force participation rate for non-college graduates is at its highest level since 2000.
Employers added more than 2.1 million jobs during the fourth quarter of this year.
About 8.7 million of them were in manufacturing, which includes manufacturers of equipment and supplies, office supplies, and machinery and parts.
The largest share of those new jobs were in retail, which accounted for more than one-third of the gains in the fourth-quarter.
The second-largest share of the job gains came from services and public administration, which increased by 1.5 million jobs, followed by financial services, which grew by 1 million.
The number of non-manufacturing jobs rose by 1,900, while the number in manufacturing grew by 532,000.
The total number of jobs added or lost in the first six months of the year was 4.9 million.