February 2009 unemployment rate jumps to 8.1 percent

Friday, March 06, 2009

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

Guests:

Daniel Gross

Hosted by:

Farai Chideya

Comments [1]

Gregg Henton

Here's another area of pending huge unemployment that I haven't heard anyone discuss - our returning armed forces from Iraq. Many of them left their jobs when they deployed. They were guaranteed to have those jobs when they returned. How many of the companies they worked for have ceased to exist due to the economic downturn? How many of them will come home to nothing - no where to go, no one to work for?

This needs to be discussed and how this will impact today's announced unemployment numbers.

Gregg

Mar. 06 2009 09:17 AM

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