Not since Ronald Reagan’s reckless free marketeering have we seen unemployment this high: The U.S. jobless rate hit 8.1 percent in February, with 651,000 jobs cut during the month.
Unemployment in the US has surged to 8.1%, hitting its highest rate since 1983, as struggling employers reacted to a worsening economic slump by slashing 651,000 jobs in February.
The government figures indicated that cutbacks are accelerating in almost every category of work with big drops in manufacturing, construction and service sector jobs.
Adding to the gloom, the US labour department sharply revised downwards its employment figures for two preceding months, saying that 655,000 jobs were lost in January and that 681,000 were cut in December, compared to previous estimates of 598,000 and 577,000 respectively.
The revisions mean that more jobs were lost in December than any month since October 1949.