US Unemployment Rate Soars To 26-Year High

BettiePage

More than 650,000 people lost their jobs in the US in February, pushing the unemployment rate to its highest level in 26 years.

The cull pushed the jobless rate to 8.1%, the worst toll since December 1983.

The government figures were in line with most forecasts but confirmed the dire state of the economy as companies reduced their workforce to cope with the deepening slump.

The Labor Department also revised up its estimate for losses for the previous two months.

Sky News............................

luvpump

The Most alarming thing is the RATE at which it appears to be increasing(Tho the graph looks a bit Dodgy)..... .. As they say, what happens in the U.S will happen here !! :eek:

http://news.bbc.co.uk/1/hi/business/7927790.stm

Cannon_Fodder

And they've been doing QE for some months, so no sign of it taking effect yet...

Really2

luvpump wrote: »

The Most alarming thing is the RATE at which it appears to be increasing(Tho the graph looks a bit Dodgy)..... .. As they say, what happens in the U.S will happen here !! :eek:

http://news.bbc.co.uk/1/hi/business/7927790.stm

All though bad look at the media spin.

Why is 5% - 8% nearly twice as much as 0% -5%
When I was at school 3 was not twice as big as 5

Bad figures but if you submitted that graph to your boss you would get shot.

4Chickens

Have you seen the picture of 'tent city' in Sacramento?
Richest country in the world and folks are living in tents. Makes you worry for the poorer countries of the world. Surely there is only so poor you can be before its curtains.

Lotus-eater

Really2 wrote: »

All though bad look at the media spin.

Why is 5% - 8% nearly twice as much as 0% -5%
When I was at school 3 was not twice as big as 5

Bad figures but if you submitted that graph to your boss you would get shot.

That's really cheeky, I didn't notice that. Well spotted.

Really2

cindiedunkley wrote: »

Surely there is only so poor you can be before its curtains.

Not really every other species survives very well without money and so could we if we had too.;)

Edale

Cannon_Fodder wrote: »

And they've been doing QE for some months, so no sign of it taking effect yet...

No they haven't, they have been talking about it but not done it. It is probably too late for them now anyway!

Cannon_Fodder

Edale wrote: »

No they haven't, they have been talking about it but not done it. It is probably too late for them now anyway!

Now I'm even more confused than normal...

...I'm positive that the Labour MP on QT, said as part of his defence for QE, that the USA had already been doing it, so that made it a good idea.

...and I'm also sure that some ridicule on this site has been aimed at those getting muddled that the UK might already have started QE, and being corrected that it was the US that had already increased M0.

Really2

I think it as also been mentioned QE is not going to make things better over night.

Phlik

Really2 wrote: »

All though bad look at the media spin.

Why is 5% - 8% nearly twice as much as 0% -5%
When I was at school 3 was not twice as big as 5

Bad figures but if you submitted that graph to your boss you would get shot.

Looks perfectly ok to me, the data is all in the 4 to 8 range and is scaled the same. All they've done is removed 1 to 3 as indicated by the two little lines in the y axis.

Phlik