A crushing jobs report: 240,000 more lost, unemployment up to 6.5%
Manufacturing sector hard hit again, and new administration is asked for answers
The October jobs report from the Labor Department was as dismal as everyone expected. More than 240,000 jobs were lost in October, bringing the total for the year to 1.2 million. The unemployment rate now sits at 6.5%, its highest level in more than a decade. The manufacturing sector was especially hard hit, with more than 90,000 jobs cut in the month. The auto sector is seeking federal money to help overcome heavy losses in 2008. That was underscored Friday when Ford reported third quarter losses of $3 billion
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Annual Salary Survey
Before the calendar turned, 2016 already had the makings of a pivotal year for manufacturing, and for the world.
There were the big events for the year, including the United States as Partner Country at Hannover Messe in April and the 2016 International Manufacturing Technology Show in Chicago in September. There's also the matter of the U.S. presidential elections in November, which promise to shape policy in manufacturing for years to come.
But the year started with global economic turmoil, as a slowdown in Chinese manufacturing triggered a worldwide stock hiccup that sent values plummeting. The continued plunge in world oil prices has resulted in a slowdown in exploration and, by extension, the manufacture of exploration equipment.
Read more: 2015 Salary Survey