Disaster: Unemployment rate reaches 8.1%
Uncategorized March 6th, 2009
The US Economy continues to contract. Employers slashed 651,000 jobs in February and the unemployment rate reached 8.1%. This is how the media reported the news:
Jobless rate jumps to 8.1% as 651,000 jobs slashed
While the February numbers were in line with analysts’ projections, the Labor Department said job losses in previous months were sharply higher than previously reported, with business payrolls down another 161,000 in December and January.
Recession Job Losses Top Four Million
WASHINGTON — The U.S. economy continues to hemorrhage jobs at monthly rates not seen in six decades, a government report showed, signaling that there’s still no end in sight to the severe recession that has already cost the U.S. over four million jobs.
The report suggests that households, already seeing the value of their homes and investments plunge, face added headwinds from the labor market, which could put more pressure on consumer spending in coming months.
Unemployment hits 25-year high
The government reported Friday that employers slashed 651,000 jobs in February, down from a revised loss of 655,000 jobs in January. December’s loss was also revised higher to a loss of 681,000 jobs, a 59-year high for losses in one month.
March 6th, 2009 at 1:47 pm
The economy has plunged into the ill effects of recession leading to uncontrollable unemployment. What can be done at this crucial juncture to minimize the suffering of those unemployed? How can we beat the recession? Voice your take on the issue at
www.allvoices.com/journalism .
March 6th, 2009 at 11:08 pm
The rise in unemployment is part of the cycle. It’s happened many times before, see, for instance,
http://www.recessioninfocenter.com/Recession_Information_on_unemployment.html
I think in the long term we’ll be fine. In the short-term it will be a bumpy road though…