http://www.foxbusiness.com/story/markets/industries/government /employers-slash-k-february-unemployment-rate-hits/ The nation lost more than 650,000 jobs during the month of February, a U.S. Labor Department report showed Friday, as the U.S. economy continued to struggle during the first months of 2009 and employers continue to shed workers at a ever-quickening pace. According to the report, the U.S. economy lost 651,000 jobs in February -- basically in line with what Wall Street economists were forecasting. However the nation's unemployment rate skyrocketed from 7.6% to 8.1% during the month, the government said. Economists were looking for an unemployment rate of 7.9%. The 8.1% unemployment rate is the highest for the U.S. economy since 1983.
If you have a job now do your best to insure they have to keep you. The rest of this year is going to a rough ride.
http://www.nctimes.com/articles/2009/03/07/business/z82092952a08bb3bb8825757200005695.txt Ovetsky, 37, of New York, said he'll take any position. "You can rest assured I'll say yes. Get a paycheck, get food on the table." Across the country, Douglas Walch, 54, worries about losing his job as a park maintenance foreman because his employer of 15 years ---- the city of Sacramento ---- is preparing for layoffs. "It's the worst I've ever seen it in my lifetime," Walch said. The unemployment rate leapt to 8.1 percent from 7.6 percent in January, the highest in more than 25 years. Some economists now predict the rate could hit 10 percent by year-end and peak at 11 percent or higher by the middle of 2010. "The massive hemorrhage of jobs is reminiscent of the 1982 recession when the jobless rate hit 10.8 percent. Unfortunately, it will get much worse," predicted Sung Won Sohn, economist at the Martin Smith School of Business at Cal State Channel Islands. "It is hard to see where the bottom is."
