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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: US jobless rate jump to 8.5% AFP - 1 hour 7 minutes ago WASHINGTON (AFP) - - Another nightmarish month for the US labor market pushed the unemployment rate to a new 25-year high of 8.5 percent with 663,000 jobs axed in March, official data showed Friday. ADVERTISEMENT The monthly snapshot of the labor market, seen as one of the best indicators of economic momentum, showed widespread losses across most sectors of the economy as the jobless rate rose from 8.1 percent in February. The Labor Department report offered no clear signal that the US economy has hit bottom after the worst recession in decades. "We can't find green shoots of recovery in this report -- though it would not be the first place we'd expect to see them," said IHS Global Insight economist Nigel Gault. "The jobs market will follow rather than lead." Gault said the report "didn't meet the worst fears, but this is still a very weak report." Since the recession began in December 2007, a staggering 5.1 million jobs have been lost, with 3.3 million occurring in the past five months, the Labor Department said. The report was roughly in line with forecasts from private economists, who on average had expected 658,000 job losses and an unemployment rate of 8.5 percent. The rate is the highest since November 1983. Some said that because the report is backward-looking, or a lagging indicator, it does not reflect other signs that the economy may be poised for recovery. "While employment is definitely a lagging indicator, the size and speed of the drop in employment will play a major role in the type of recovery we have," said Andrew Busch at BMO Capital Markets. "It's going to be weaker than normal and likely to be delayed longer as well." Some said there were signs of stabilization for an economy ravaged by a housing meltdown that has hammered the banking sector and squeezed credit. "The losses continue to be severe but we do see, and I think the market sees, some apparent peaking in the rate of decline, and that stabilization is providing a little bit of cheer to the market," said Peter Kretzmer, senior economist at Bank of America. "We've moved to a different phase of the business cycle," he said, with consumer spending steadying but companies still cutting investment and inventories. This suggests "several more months of severe declines before things start to improve," Kretzmer said. Revised data showed January job losses rose to 741,000, from an earlier estimate of 655,000 lost. The loss for February remained unchanged at 651,000. Some said the markets were bracing for a potentially worse report. "We were braced for a reading of 720,000 before expecting the 'freak-out' button to get hit," said Jon Ogg at 24/7 Wall Street. "All we can hope is that the slowdown in firings starts to come into play if things in the economy start to see drops that are not as bad as the Depression-trade was indicating just a month ago." The total number of unemployed rose to 13.2 million in March, with the number of long-term unemployed -- jobless for 27 weeks or more -- rising to 3.2 million. In March, the goods-producing sector lost 305,000 jobs including 161,000 in manufacturing and 126,000 in construction. The service sector, which provides the majority of US jobs, shed 358,000 positions including 43,000 in the financial sector. The only sector to add employment was education and health care, up 8,000, while government employment fell by 5,000. The average work week contracted to 33.2 hours from 33.3 hours, which analysts said could mean lower production and income, hurting the economy. The US economy contracted at a steep 6.3 percent pace in the fourth quarter as the recession deepened. The government will estimate first-quarter gross domestic product later this month. Julia Coronado, economist at Barclays Capital, called Friday's report "uniformly weak, with sizable job losses across all sectors." Coronado is forecasting a 5.5 percent drop in US output in the first quarter of 2009. But she said the latest data shows an 8.7 percent quarterly drop in total hours worked, which she said offers a good proxy for economic output. "So there is a risk (first-quarter GDP) could be worse," she said. Email Story IM Story Printable View Blog This Recommend this article 0 users recommend Sign in to recommend this article » Most Recommended Stories » Enlarge Photo An unemployed woman talks with a prospective employer during a job fair in Los Angeles on April 1. Another nightmarish month for the US labor market pushed the unemployment rate to a new 25-year high of 8.5 percent with 663,000 jobs axed in March. Most Popular – Top Stories Viewed Guantanamo 'soooo beautiful!' Miss Universe says Journalists get shock with 'sexy' White House call Global warming leaving its mark on polar bears Ex-AIG chief says problems 'not his fault' NKorea vows to attack Japan if rocket intercepted View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. 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