Job Losses Escalated in February
Preliminary economic reports for February, released yesterday from Bloomberg, hint that it’s not just bad, it’s getting worse. This is not exactly surprising, but it’s worth looking at the numbers:
Employers cut payrolls by 650,000, the most since 1949, and the jobless rate probably surged to 7.9 percent, according to the median estimates in a Bloomberg News survey.
…
The economy lost 598,000 jobs in January, bringing the total drop in employment since the recession began in December 2007 to 3.6
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