Seattle Courant

Unemployment Hit 8.4 Percent in February

By Keith Vance
March 17, 2009 06:03PM

"The employment indicators for durable goods suggest that consumers are waiting on the sidelines for clearer signs that the stimulus packages will provide jobs, and that a stable financial system will allow them to purchase big ticket items at lower rates of interest. Therefore, monthly employment growth over several consecutive months in durable goods, construction, and financial services may signal a turning point for the economy during this recession," according to today's report.

The financial services sector saw some growth, but it came from 1,200 jobs in "credit intermediation." These jobs are more likely a result of the current credit crisis rather than a positive economic indicator of growth.

The two other key sectors to watch, construction and durable goods, continue shedding jobs. Durable goods dropped another 13,200 workers and 24,100 construction jobs disappeared last month.

The total number of employed workers in Washington is at 2.87 million out of 3.5 million.