US Unemployment Rises Sharply – Highest Level in 25 Years

WASHINGTON (RushPRnews) 03/06/09-The U.S. unemployment rate rose sharply to hit 8.1 percent in February, while the economy had a net loss of 651,000 jobs.Friday’s report from the Labor Department shows a half-percent rise in the unemployment rate. The jobless rate is now at its highest level in 25 years.

This is just the latest data to show the recession deepening in the world’s largest economy, which is plagued by falling home prices, declining consumer confidence and tight credit.

The head of the Joint Economic Committee of the U.S. Congress, Representative Carolyn Maloney, calls the job losses “gut-wrenching.” Maloney says the U.S. economy has shed 4.4 million jobs since the recession began 14 months ago.

After the report, key U.S. and European stock indexes rose. Earlier, Asian markets fell sharply.

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