30,000 Jobs Lost a Day in March
The bloodletting of U.S. jobs continues at an unprecedented pace: In March, the number of jobless workers worsened by 663,000, to 13.2 million, and the unemployment rate rose to 8.5 percent. That’s about 30,000 jobs lost for each work day in March.
In its monthly jobs report, the Labor Department sums up the latest data, which paint a dire picture of the labor market:
Since the recession began in December 2007, 5.1 million jobs have been lost, with almost two-thirds (3.3 million) of the decrease occurring in the last five months.
Economic Policy Institute (EPI) economist Heidi Shierhotz doesn’t mince words about the shockingly bad unemployment rate:
This morning’s unemployment report offered no hint of light at the end of the tunnel. Instead, it showed that the labor market is still in its darkest months.
