More Job Losses in February
Because of the deepening recession, more companies continue to shed workforce which left thousands of Americans jobless. According to a recent study by the Labor Department, more than 651,000 jobs were shed in February, further pushing the unemployment to 8.1 percent which is the highest trend for many decades.
More than 651,000 jobs were reduced in February amid the global economic recession, driving the unemployment rate to 8.1 percent which is the highest trend for almost 25 years, according to Labor Department.
The result came not as a surprise for most experts as initial prediction was gloomy and was expected to be just the continuation of the previous two months. January’s job losses were 655,000 while December has 681,000 laid offs, making this the worst unemployment rate since 1949.
From January’s 7.6 percent unemployment rate to 8.1 percent in February, experts remain pessimistic over the US economy, believing the nation is further reaching deeper recession as months pass by.
While many full time workers have been laid off, part time employees rose by nearly 787,000, reaching to almost 8.6 million. With this growing trend, economists believe that companies are resorting to low paid workers to cut costs.
Meanwhile, despite massive workforce reduction in auto, technology, retail, and media industries, people working from government, medical, and education have not yet experienced massive job losses, instead these sectors have modest gains.
Presently, there are approximately 12.5 million unemployed Americans from the advent of recession which was felt during the last quarter of 2007.
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