Payrolls sink 651,000, jobless rate soars to 8.1%

In my 2009 financial forecast I stated that unemployment will hit 9%, I now fear that number may be over 10%. The job market really stinks.-Lou


Payrolls sink 651,000, jobless rate soars to 8.1%

2.5 million jobs lost in last four months

MarketWatch March 6, 2009

WASHINGTON (MarketWatch) - The weakness in U.S. labor markets has gathered extraordinary momentum, wiping away more than 2.5 million jobs over the past four months alone, the Labor Department reported Friday.

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.


The unemployment rate soared to 8.1%, the highest rate in over 25 years.
Job losses in February were close to expectations. But the government also revised job losses in the past two months down by 161,000 jobs.


Job losses in December, now pegged at 681,000, was the biggest monthly decline in jobs since 1949.