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Unemployment Rate Climbs to 8.5%

The nation's unemployment rate jumped to 8.5% in March, the highest it has been in about 26 years, the Labor Department reported. Employers eliminated 663,000 jobs in March. Since the recession began in December 2007, the economy has lost a staggering 5.1 million jobs, with almost two-thirds of the losses occurring in the last five months. Job cuts impacted many industries. Construction companies cut 126,000 jobs, factories eliminated 161,000, retailers cut 47,800, professional and business services axed 133,000, leisure and hospitality reduced employment by 40,000. Even the government cut 5,000 jobs. Education and health care were the few industries showing job gains. Economists expect the unemployment rate to continue to rise this year, possibly as high as 10%.

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Date Last Updated: 04/08/2009