From the Associated Press thru one of the local TV stations I get news alerts from.
Jobless Rate Bolts To Highest Since 1983
Employers Slash 651,000 JobsWASHINGTON -- The nation's unemployment rate bolted to 8.1 percent in February, the highest since late 1983, as cost-cutting employers slashed 651,000 jobs, the government reported Friday.
The Labor Department's report showed America's workers being clobbered by a relentless wave of layoffs. The net loss of 651,000 jobs in February came after even deeper payroll reductions in the prior two months, according to revised figures. The economy lost 681,000 jobs in December and another 655,000 in January.
The jobless rate topped 10 percent during the early 1980s recession.Traders weren't taking any chances Friday, sending stock futures lower ahead of the unnerving reading on the job market. With companies across all industries clobbered by weak consumer spending and loan defaults, the last thing investors want to hear is that Americans are getting laid off at a faster-than-anticipated pace.
Huh, the last time it was this high was 25 months into Ronald 'Voodoo Economics' Reagan's first (shoulda been only) term in office.
Imagine that there would be that many people unemployed during a Rethuglican presidency. Hard to believe ain't it....NOT!