March Unemployment

insane man · Apr 3, 2009

didn't see a thread on this yet. this is absolutely brutal.

“Adding in discouraged adults who have left the labour force and part-time workers who would prefer to work full time, the real unemployment rate is closer to 17 per cent,” said Peter Morici, professor at the University of Maryland’s business school.
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The American economy surrendered 663,000 more jobs in March as the unemployment rate surged to 8.5 percent, its highest level since 1983, the government reported Friday.

The latest snapshot of accelerating decline in the national job market lifted to 5.1 million the number of jobs lost since the recession began in December 2007. More than two million jobs have disappeared over the first three months alone.

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In January, as the Obama administration drafted plans for the current round of stimulus spending, it assumed the unemployment rate would reach 8.9 percent by the last three months of the year.

“We’re clearly looking at a worse downturn than they had been anticipating when they planned the stimulus,” Mr. Baker said. “We’re going to need some more.”

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Friday’s report catalogued the myriad ways in way American working people remain under assault. The number of unemployed people increased by 694,000 in March, reaching 13.2 million. Those on unemployment for longer than six months reached 3.2 million.

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Manufacturing again led the way down, shedding 161,000 jobs in March. Employment in construction declined by 126,000, and has fallen by 1.3 million since it peaked in January 2007. Professional and business services employment fell by 133,000, with more than half the losses in temporary help services — a sign that companies that have already shifted from relying on full-time workers to temporary people are feeling compelled to cut further.
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times

rimrocker · Apr 3, 2009

I think we can safely call this a depression.

When 1 out of every 6 is unemployed or under-employed, that's getting up there.

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March Unemployment

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