Payrolls fell 663,000 in March 2009 after falling 651,000 in February 2009 and 741,000 in January 2009. Economy has lost over 2 million jobs in 2009 year-to-date and 5.1 million jobs since recession began in December 2007.
Unemployment rate rose from 8.1% to 8.5% in March 2009 (a 25-year high). Decline in labor force and shift of workers to part-time work contained the extent of rise in the unemployment rate. Long-term unemployment rate (including marginally attached, discouraged and part-time for economic reasons workers) jumped to 15.6%.
Let’s see if at the end of April trend is confirmed. Or if otherwise the G20 contrived optimism has failed to reverse the tide.