Financial sector holds own amid job cuts

U.S. employers cut 17,000 jobs in January according to a report released today by the Department of Labor. This decline in jobs marks the first loss since August of 2003, when 42,000 jobs were liquidated. Employment in financial firms was mixed, with a 4,000 job loss in commercial banking positions was offset by a 5,000 job increase in positions dealing with securities, commodity contracts, and investments. The main industries affected by the decline were manufacturing, goods-producing services, and construction. Manufacturing positions dropped by 28,000, while construction dropped by 27,000. The construction sector has lost 284,000 jobs since its peak in September of 2006. Modest gains were enjoyed by the healthcare sector, which added 27,000 jobs. The average workweek declined by 0.1 hours to 33.7 hours. Average wages rose by 4 cents, a 0.2% increase.