Jobless rate soars to 8.1 percent
WASHINGTON - The nation's jobless rate jumped to 8.1 percent in Feb., the highest since late 1983 and payrolls dropped by 651,000 jobs, the Labor Department reported on Friday
Cost-cutting employers resorted to even bigger layoffs as they scrambled to survive the recession, feeding insecurities among those who still have jobs and those who desperately want them.
The net loss of jobs in February came after even deeper payroll reductions in the prior two months, according to revised figures. The economy lost 681,000 jobs in December and another 655,000 in January.
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