U.S. Unemployment Rate Reaches 25-Year High of 8.5%
April 3rd, 2009To find actual rate, multiply the government number by 2 or 3.
Via: Bloomberg:
The U.S. unemployment rate jumped in March to the highest level since 1983 as the economy lost 663,000 jobs, threatening to keep spending subdued for months and delay any recovery.
The jobless rate increased to 8.5 percent from 8.1 percent in February, a Labor Department report showed in Washington — consistent with the forecasts of 79 economists surveyed by Bloomberg. Employers have cut a total of about 5.1 million posts since the recession began, the biggest slump in the postwar era.
The job-market rout will make it tougher for President Barack Obama to follow through on his pledge to save or create 3.5 million jobs. Federal Reserve Vice Chairman Donald Kohn said today both the Obama administration and central bank must remain “flexible and open” to further measures to end what is likely to become the longest recession since the Great Depression.
