Friday, March 6, 2009


We're getting to the point were it's probably a good idea to thank your boss every day that you continue to be employed... more wonderful economic news:
In a stark measure of the recession’s toll, the Bureau of Labor Statistics reported on Friday that the national unemployment rate surged to 8.1 percent last month, its highest in 25 years. The economy has now shed more than 4.4 million jobs since the recession started in December 2007.

And economists expect that unemployment will continue to rise for the rest of the year and into early 2010, with the unemployment rate reaching 9 to 10 percent by the time a recovery begins. But even then, with so many job losses centered in manufacturing, economists say that many positions devoured during this recession will not be coming back.

It wasn't too long ago that predicting double digit unemployment was considered "extreme"... now it's apparently the consensus... which makes me think it's likely to be even worse than that.


No comments:

Post a Comment