| Submit your comments on this article |
| Economy |
| Jobless rate bolts to 8.5 percent, 663K jobs lost |
| 2009-04-03 |
| The nation's unemployment rate jumped to 8.5 percent in March, the highest since late 1983, as a wide swath of employers eliminated 663,000 jobs. It's fresh evidence of the toll the recession has inflicted on America's workers, and economists say there's no relief in sight. If part-time and discouraged workers are factored in, the unemployment rate would have been 15.6 percent in March, the highest on records dating to 1994, according to Labor Department data released Friday. The average work week in March dropped to 33.2 hours, a new record low. Since the recession began in December 2007, the economy has lost a net total of 5.1 million jobs, with almost two-thirds of the losses occurring in the last five months. "It's an ugly report and April is going to be equally as bad," predicted Mark Zandi, chief economist at Moody's Economy.com. Wish Barry would have told beforehand Hope and Change stood for "I hope I can make rent this month." and "Brother can you spare change for Ramen." And be sure to thank Barry's sponsors for triggering the financial collapse by withdrawing 1/2 trillion $ from US money markets when he was losing in the Pres polls. The tab: $2.8 trillion and going to $23 trillion by 2019. |
| Posted by:ed |
| #1 But ed, for them its about power not some line on a bookkeeping sheet. |
| Posted by: Procopius2k 2009-04-03 16:34 |