663,000 Jobs Lost in March

The nation’s unemployment rate rose from 8.1% to 8.5% in March. Since the recession began in December 2007, 5.1 million jobs have been lost, with almost two-thirds (3.3 million) of the decrease occurring in the last five months.

According to BLS data for March, professional and business services lost 133,000 jobs, while financial activities lost 43,000 jobs (finance is actually out 495,00 jobs total since an employment peak in December 2006).

The last time unemployment hit 8.5% was in November 1983, after peaking at 10.8% in 1982.

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This video from Fox News calls it a “striking” reality:

In addition, a blog in the Wall Street Journal claims that unemployment may top 10% by early next year, but could even top 18%. “For people in this group, comparisons to the Great Depression (when 25% of Americans were out of work) may not look so wild even if overall economic activity is holding up better.”

Elaine Rigoli has nearly 15 years of experience managing content and community for various B2B and consumer websites. Elaine has written thousands of business and technology articles and has been quoted in The Wall Street Journal and eWeek, among other publications.


2 Comments on “663,000 Jobs Lost in March

  1. Nows are chance to place all 663k.
    Top talent will always be needed throughout the multiple industries. The four M’s of Economy question is at play. Do you have Money Problems, Material Problems, Machinery Problems, or Manpower problems. I’ve never heard a Client say anything other than good people problems because everyone knows that is the root to all economy. Second year in recruiting only 21 years old and already billed 72k have another offer coming in today which will bring it up to 89k averaging two placements a month, and people out here are creating chaos because they are scared of……What now is the top time to Market your services. Now more than ever not only do your candidates need you your client needs you. They might not want to admit it, were in a recession, we have a hiring freeze. The only question I ask is do you want me to fix that.

    In Kind,
    Kenny Payne
    Columbus Group, LLC

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