Unemployment numbers just came out and they tell a dismal story. The jobless rate jumped to 8.1 percent in February 2009. That's the highest level in more than 25 years. American payrolls shrunk by 651,000 workers.
Newsweek senior editor Daniel Gross, author of the new book Dumb Money: How Our Greatest Financial Minds Bankrupted the Nation
, parses the numbers.The U.S. Bureau of Labor Statistics
has more details and numbers.
"The government is the employer of last resort and it's holding steady. That's the only piece of good news I can find."
— Dan Gross, senior editor at Newsweek, on the unemployment numbers