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Unemployment Hits 7.2%, 16-Year High
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| Contributor | RP |
| Last Edited | RP Jan 09, 2009 11:06am |
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| Category | Report |
| Media | Newspaper - New York Times |
| News Date | Friday, January 9, 2009 05:00:00 PM UTC0:0 |
| Description | With the recession in full swing, the nation’s employers shed 524,000 jobs in December, the government reported Friday, and a rapidly deteriorating economy promised more significant losses in the months ahead. December’s job losses brought the total for 2008 to 2.6 million, spanning a recession that started 12 months ago.
The unemployment rate jumped to 7.2 percent in December from 6.8 percent in November and 5 percent last April, when the recession was four months old and just beginning to bite. More than 11 million Americans are now unemployed.
The accelerating job loss — more than one million jobs have disappeared in just two months — suggests that the recession will last at least into early summer, making it the longest since the 1930s. The severe recessions of the mid-1970s and early 1980s each lasted 16 months, the current record. |
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