US economy sheds jobs in February
Posted by Stephen Cline on February 28th, 2010There is bad news for the US economy and for those who had been watching out for the unemployment rate to dip. For quite a few months now, people who want some good news on the US economy, have been looking at some news and signs that the unemployment rate may go down. But then this does not seem to be happening. The US economy added a few jobs in the month of November, 09. Then it shed as many as 150,000 jobs in December and 20,000 jobs in January. Now that February is past, it seems there were more jobs that were shed in February also. Irrespective of the stimulus package that the Obama admin has been raving about, the situation does not seem to have improved much.
Since the recession started in December 07, more than 8.4 million jobs have been slashed by companies. The unemployment rate varies between 9.5% to 10% and it may have actually increased in the current month. This is the biggest and the highest unemployment rate in the post-war era, and this does not seem to be abating or letting off steam anytime soon. So if you are a die-hard optimist, the latest figures would not do much to lift your spirits.
Tags: unemployment rate, US economy