Unemployment Hits 8.5 Percent, Highest Since ’83, Bottom A Long Way Off

New figures released today show that the unemployment rate in March jumped to 8.5 percent, up from 8.1 percent in February. The economy shed 663,000 jobs last month across all nonfarm sectors, except for healthcare. 133,000 jobs were lost in professional and business services, with more than half of those cuts from temporary help services.

A number of economists are now saying they believe the unemployment rate to hit 10 percent later this year, the Washington Post reports. The last time unemployment was over 10 percent was in 1982; the unemployment rate peaked then at 10.8 percent.

Still a long way to go…economists aren’t yet seeing the light at the end of the tunnel…

Publish date: April 3, 2009 https://stage.adweek.com/digital/unemployment-hits-8-5-percent-highest-since-83-bottom-a-long-way-off/ © 2020 Adweek, LLC. - All Rights Reserved and NOT FOR REPRINT