The U.S. economy lost 651,000 jobs in February, the fourth month in a row where job losses were near or above 600,000 and the unemployment rate climbed to 8.1%, the highest rate in over 25 years.
Of the 4.4 million jobs lost since the recession began in December 2007, more than half vanished in the last four months. Experts believe that our unemployment rate will get close to 9% in 2010 while some say it might be closer to 10%. The Federal Reserve doesn’t expect the unemployment rate to fall below 7% until 2011.
Job losses are prevalent across most businesses with only education and health services reporting job growth.
According to a survey of businesses 660,000 jobs were lost in the private-sector in February. Goods-producing industries (i.e. car dealerships, department stores, coffee shops — businesses that provide tangible things that you can see, feel, touch or walk out of the store with) lost 276,000 jobs, while services (i.e. CPAs, Electricians, Nail Salons/Hair stylists/Spas, Dog Groomers — businesses that provide services) lost 375,000 jobs. Construction employment fell by 104,000 in February making it a total of 904,000 jobs lost in the construction industry since the recession began.
The unemployment rate for African-Americans rose to 13.4% in February, which is the highest rate it’s been since December 1993. Unemployment of young people and students rose to 21.6% because young people and students are now competing with unemployed adults for the same jobs.
Many Americans who still have jobs are under employed working an average workweek of 33.3 hours for the third straight month instead of 40 hours which is considered full-time.
The number of workers experiencing long spells of joblessness — defined by the government as 27 weeks (almost 7 months) without work — has risen to 2.9 million in February, up 1.6 million since the start of the recession in December 2007.
The number of persons working part-time who would rather be working full time jumped by 787,000 in February to reach 8.6 million. This group of workers has risen by nearly 4 million since the recession began and these workers are most likely not to have health insurance.
Let Us Talk 
Another day — more losses in the market. Thanks, Obama!
Comment by RPC — March 6, 2009 @ 4:01 pm |
RPC – I hope you’re not one of the reckless Americans rooting for our President to fail. If you read the post you would have read that our economic crisis began in 2007 – President Obama won the election in November 2008.
I hope you also realize that the market loss and economic collapse is not because of our President or because of any one person. Our capitalistic market system is in intensive care because of the laissez-faire, wild, wild West manner in which our economic system has been managed for the last 8 years that lacked regulation and oversight of financial institutions – THAT is what has caused this meltdown.
I hope you’re not hoping that our President fails because if he fails the world fails. If you’re hoping that our President fails I hope you have a safe house on Mars or in another galaxy because no country on this planet would be economically viable.
Comment by Paulette — March 6, 2009 @ 6:57 pm |
RPC=Republican Pisshead Crybaby. They STILL insist that pursuing the EXACT POLICIES we pursued for 8 years is the key to prosperity. And of course, they make perfect sense; if you singe your pinky on the burner while you’re cooking, what will heal your wound faster than sticking your whole hand on the burner?
These idiots cannot be considered patriots. Unfortunately, our Constitution allows them o call themselves Americans-but that is a damn shame.
Comment by JollyRoger — March 6, 2009 @ 11:38 pm |
LMAO! Jolly Roger I LOVE your analogy and it is dead on. Repuiblicans are provong themselves to be obstructionists.
What Republicans are provong is that what’s good for politics isn’t usually good for the people and it’s time our government does the right thing for the people.
Our government is overly democratic (if that makes any sense). We had a democratic election and the majority won – therefore the majority should rule. But the minority oversees the majority and that creates a street fight environment and nothing gets done on behalf of the people.
If the majority truly ruled then the democrats (in this case) would be able to pass the budget, health care reform, etc, etc, etc instead of fighting with the republicans and probably getting little done.
It’s not in the republican’s interest for the democrats to suceed since that minimizes their change of getting winning their 2010 election. Pure politicial BS that won’t benefit Americans.
The majority should be allowed to be ruled and implement the policies the majority voted for.
Comment by Paulette — March 7, 2009 @ 1:36 am |