The Labor Department reported a net job loss of 663,000 during the month of March and an increase in the unemployment rate from 8.1 percent to 8.5 percent.

Adjusted for the size of the workforce, the January decline was the worst since 1974.
At 8.5 percent, the unemployment rate reached its highest level since 1983 as the total number of unemployed people rose to 13.2 million. If those working part-time for "economic reasons" and those too discouraged to continue looking for work are included, the unemployment rate would have been 15.6 percent in March, the highest since this data series began in 1994.
Job loss was widespread in March, only the stalwart education and health services category able to muster a modest net gain of 8,000 new jobs. Employment in manufacturing declined by 161,000, professional and business services payrolls fell 133,000, and construction lost 126,000 jobs. Temporary help declined by 72,000, an indication that employers are still slashing jobs aggressively.

Remember that employment is a lagging indicator. While the last recession ended in late-2001, net job loss continued for almost two more years, the "official" end to the recession following shortly after the worst of the monthly declines in nonfarm payrolls.
It remains to be seen whether or not the worst of the job losses in the current recession are already behind us.
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2 comments:
It makes me sad that while this is happening, Jim Cramer, CNBC in general all business pundits left and right all seem to be talking about how the recession is over and now is the time to get back into the market. It's like a mirage...they're looking so hard for a recovery, they're inventing one in their minds.
With the unemployment rate now at 8.5 percent, the highest level since 1983, maintaining health insurance is a concern for many. The American Recovery and Reinvestment Act that became effective March 1, 2009, includes a subsidy for involuntarily terminated workers to maintain their group coverage through COBRA or state continuation. But maintaining group coverage isn’t the only option, and sometimes not the best option. Those who don’t need all the benefits their specific group plan offers may find that an individual plan, tailored to their needs, is a more affordable option that better fits their new budget. http://www.BenefitStudio.com
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