Posted on 04/03/2009 6:05:57 AM PDT by MaestroLC
WASHINGTON (AP) -- The nation's unemployment rate jumped to 8.5 percent in March, the highest since late 1983, as a wide range of employers eliminated a net total of 663,000 jobs.
The Labor Department's report is fresh evidence of the toll the recession has inflicted on America's workers and companies. Most economists expect the job cuts will continue for much of this year.
The latest tally of job losses, released Friday, was slightly higher than the 654,000 that economists expected. The rise in the unemployment rate matched expectations.
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.
The number of unemployed people climbed to 13.2 million in March. In addition, the number of people forced to work part time for "economic reasons" rose by 423,000 to 9 million. That's people who would like to work full time but whose hours were cut back or were unable to find full-time work.
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.
Looking forward, economists expect monthly job losses continuing for most -- if not all of -- this year.
(Excerpt) Read more at finance.yahoo.com ...
This is what happens when you let the government call all the shots.
I don't see how it will get better with Obama promising the world pretty much all of our wealth.
What a disaster this man has been.
Naw, all the economy stuff is fixed now! The Dow went up, dontchaknow....
In January I predicted double-digit unemployment by June. Apparently that was optimistic.
He just promised to print more money - he has no means to spread wealth.
Check out that January revision....now said to be 741,000 jobs lost. Whoops, they missed it by—what?—ten or twelve percent?
The difference between now and 1983 is that at that time Ronald Reagan was putting tax cuts in place to stimulate the economy, OBozo is spending on every loony leftist scheme proposed in the last 40 years. We know what happened to unemployment as the result of tax cuts, guess which way unemployment will be heading now.
What a disaster this man is. = B. H. Obama.
Initial jobless claims have now risen 72 percent from the same period a year ago.
It’s STILL all Bush’s fault (well, in the eyes of the stupid liberals and media, at least). To them, the bad economy is simply something left to The Great Obama, who’s obviously doing a great job in clearing it all up. After all, not another day passes that Government hasn’t taken over one thing or another, and Nanny G. will make everything okay...
Original January report: 598,000 lost
Revised January report: 741,000
Missed it by 24%.
We need a new stimulus. they can call it the “Congressional Recovery Act Program”
That should get us out of this doo doo.
Why do we need 3 different jobless reports that come out the same week but different days, each having a supposed effect on Wall Street each day one of them are released?
After asking China for the backing.
THE EMPLOYMENT SITUATION: MARCH 2009
The unemployment rates continued to trend upward in March for adult men (8.8 percent), adult women (7.0 percent), whites (7.9 percent), and Hispanics (11.4 percent). The jobless rates for blacks (13.3 percent) and teenagers (21.7 percent) were little changed over the month. The unemployment rate for Asians was 6.4 percent in March, not seasonally adjusted, up from 3.6 percent a year earlier. (See tables A-1, A-2, and A-3.)
Blacks and Hispanics are hardest hit under our first black President. The MSM would like to keep that fact hidden. And we are still issuing visas and greeen cards for 138,000 foreign workers every month.
This kind of reporting really pisses me off. The exact job count and comparing it to 1983 is meaningless. The labor force has expanded significantly since 1983, so the exact body count means nothing. What does matter is the relative, or percentage, unemployment rate. Also, the 1983 figures are the result of the misguided Carter Administration's economic policies that gave us double-digit inflation and a 21% prime interest rate. Sadly, Obama seems determined to make the Carter Years look like the good old days...Obama is totally clueless when it comes to the economy.
It's been tried in the past and in my opinion it was nothing but crap! ; )
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