The Labor Department has reported that 80,000 jobs were lost in the month of March, and the unemployment rate is high.
The report also said that 76,000 jobs were lost in January and February. It is now estimated that 232,000 jobs were lost in the first three months of the year.
The unemployment rate has risen from 4.8% in February to 5.1%, the highest since Hurricane Katrina.
A household survey showed that 434,000 people are without jobs, the biggest amount since right after 9/11.
Some economist predict jobs will be cut through August, while others predict the job cuts will continue through next year.
Some experts are assuring us that this isn’t as bad compared to historic losses.
“So far the job strength has held up consumer spending when there’s been a lot of other bad news,” said Tig Gilliam, CEO of Adecco Group North America, “If we have serious job deterioration in the job market, that could feed into problems. But as long as we’re at 5.1% unemployment, or even 5.5%, I don’t think that should drive a consumer spending halt.”
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