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Unemployment in U.S. Climbed to 25-Year High of 8.5% in March

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posted on Apr, 3 2009 @ 08:03 AM
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Unemployment in U.S. Climbed to 25-Year High of 8.5% in March


www.bloomberg.com

April 3 (Bloomberg) -- The U.S. unemployment rate climbed in March to the highest level since 1983 and the economy lost more than 650,000 jobs for a fourth consecutive month, a sign renewed reductions in spending might slow a recovery.

The jobless rate increased to 8.5 percent, as forecast, from 8.1 percent in February, a Labor Department report showed today in Washington. Employers cut 663,000 workers from staff, bringing total losses since the recession began to about 5.1 million, the biggest slump in the postwar era.

Evaporating jobs and declining pay mean President Barack Obama's pledge to create or save 3.5 million jobs through tax cuts and government spending may fall short of what's needed to revive the world's largest economy. Federal Reserve Chairman Ben S. Bernanke has conceded joblessness could top 10 percent under a worst-case scenario.

(visit the link for the full news article)


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posted on Apr, 3 2009 @ 08:03 AM
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Not surprising and with more expected (automakers), the near future numbers will continue to raise the unemployment rate.

Who is taking the brunt of these losses? You got it manufacturing, retail, building... your everyday average worker trying to take care of a family..

None of them responsible for the current econmic condition IMO, but suffering the effects of greedy wall street types and clueless lawmakers in Washington.

The question is, when will we reach the bottom? 9%, 10% higher?

Is there light and the end of this tunnel?

www.bloomberg.com
(visit the link for the full news article)



posted on Apr, 3 2009 @ 08:12 AM
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Yep. GM will go bankrupt with 3 months unless there's a miracle... laying off an untold number of people... And official unemployment is nothing compared to the real one... Real unemployment is probably around 18-19%.



posted on Apr, 3 2009 @ 08:37 AM
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It seems like every time another 750,000 go jobless,
It's always 8.5%

Just like cooking books on derivative values,
I bet it's way above 8.5% right now

[edit on 3-4-2009 by imd12c4funn]



posted on Apr, 3 2009 @ 08:37 AM
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edit dbl post

[edit on 3-4-2009 by imd12c4funn]



posted on Apr, 3 2009 @ 09:22 AM
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What's the current "real" number? The U6 number. This would be the U3 number. There are lots of folks that ran out of unemployment already and they are not counted on this. I would guess 14% to 16% going by past trends of the two numbers.

Gerald Celente always refers to the U6 number, because it's a real number.

[edit on 3-4-2009 by j2000]



posted on Apr, 3 2009 @ 09:26 AM
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I looked it up, and it's 15.6%

U.S. Department of Labor Number.
The U3 number is just to figure how many are actually collecting Unemployment. Most small business owners don't get to collect either.

www.bls.gov...


[edit on 3-4-2009 by j2000]



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