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Unemployment Rate Now At 8.1 Percent, Highest In 25 Years
March 6, 2009 10:05 a.m. EST
Kris Alingod - AHN Contributor
Washington, D.C. (AHN) - The economy lost 651,000 jobs in February and the unemployment rate rose to the highest level since 1983, the U.S. Labor Department said on Friday.
Nonfarm payroll employment fell by 651,000, with the largest declines in professional and business services, manufacturing, and construction. Since the recession began in December 2007, the nation has lost about 4.4 million jobs, more than half of which occurred in the last four months.
The unemployment rate rose from 7.6 percent to 8.1 percent in February, the highest level in 25 years. The number of jobless Americans increased by 851,000 to 12.5 million in the same period.
The job losses last month in professional and business services dropped by 180,000, including 78,000 jobs lost in the temporary help industry. In manufacturing, 168,000 jobs were shed. mostly in durable goods industries such as fabricated metal product. There was a decline of 104,000 in the construction industry, which has seen its employment contract from 1.1 million in January 2007.
Republicans reacted to the jobs report by repeating their criticisms of a $410 billion omnibus spending bill that will fund government operations this fiscal year ending Sept. 30. Democrats were forced to delay action on the measure on Thursday due to opposition from Republicans and some Democrats.
In a statement, House Minority Leader John Boehner (R-OH) said, "As this recession worsens and the job market slumps further, the anxiety of middle-class families is deepening. Yet, even as Americans' job prospects grow dimmer, their savings evaporate, and their budgets tighten, Washington Democrats seem more determined than ever to continue pursuing tax hikes and pork-barrel spending increases that are only proving to make matters worse." "The $410 billion omnibus spending bill loaded with 9,000 unscrutinized taxpayer-funded earmarks is a textbook example of why Americans have grown so fed up with Washington. President Obama campaigned against wasteful spending last year and has renewed commitment to fight it now that he is in office. I hope he will follow through on that promise by vetoing this legislation if it passes the Senate," he added.
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