Friday, March 6, 2009

Jobless rate continues climb

More bad news on the depth of the economic downturn.

Unemployment has reached a 25-year high. Employers cut 651,000 jobs in February bringing the six month total to 3.3 million job losses.

Unemployment hits 25-year high

And the word is out that the nation's major banks are, for all intents and purposes, insolvent and will not pass the government's "stress test."
The similarities between the current situation and that in the early 1930s is uncanny, and it may not be long before the "D" word will come to replace "recession" in describing the current crisis.

Payrolls sink 651000, jobless rate soars to 8.1%

MarketWatch - ‎31 minutes ago‎
By Greg Robb, MarketWatch WASHINGTON (MarketWatch) -- The weakness in US labor markets has gathered extraordinary momentum, wiping away millions of jobs over the past four months alone, the Labor Department reported Friday.
US ECON: February Payrolls Fall 651000; Unemployment At 8.1% Forbes

Happening now: Obama discusses economy again

USA Today - ‎36 minutes ago‎
President Obama is on stage in Columbus, speaking to police academy graduates. He's using the occasion to talk again about the ailing economy and to point to the police recruits' jobs that have been saved by funding from the $787 billion stimulus ...

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