Longest stretch of pain since WWII
For those that have not understood the economic period that we are in now...
Longest stretch of pain since WWII
Friday's report means the year-to-year net change in private payrolls has been negative for 22 straight months, extending the longest stretch of labor-market pain since 1944-46. Private, non-farm payrolls are now 2.6 million jobs lower than they were in March 2001, when a recession began.
Unemployment jumps to 6%
Jobless rate surges to cyclical high as employers shed another 48,000 jobs from non-farm payrolls.
May 2, 2003: 11:41 AM EDT
, CNN/Money Staff Writer
money.cnn.com
NEW YORK (CNN/Money) - The U.S. unemployment rate rose to 6 percent in April, the government said Friday, as businesses cut thousands of jobs from their payrolls for the third straight month, extending the longest stretch of labor-market pain since World War II.
Unemployment rose from March's 5.8 percent rate, the Labor Department reported, to match its December 2002 peak, which was the highest level since August 1994. Unemployed workers now total 8.8 million, up from 8.4 million in March. |
