unemployment up in february
AP: Unemployment Rate Rises to 5.8 Percent
WASHINGTON - The nation's unemployment rate increased to 5.8 percent in February and companies across the economy slashed 308,000 jobs -- the steepest one-month slide since hiring hit a slump in the wake of the 2001 terrorist attacks.
With the country now on the verge of war with Iraq, the overall civilian jobless rate climbed a tenth of a percentage point from the 5.7 percent figure recorded in January, the Labor Department reported Friday.
Economists had predicted the modest rise, but they did not expect the hemorrhaging of jobs that wiped out large hiring gains the month before. Analysts actually had forecast job gains of 20,000.
Instead, employers last month shed the most jobs since November 2001, when they purged 327,000 from their payrolls following the attacks on the World Trade Center and Pentagon.
Here's the Washington Post's edition of the same story.
If unemployment is a "lagging indicator" of a recovery, it's clearly lagging in the wrong direction. I'm fortunate not to be included in this distressing statistic, but it hardly bodes well for the ability of consumer spending to keep propping up this economy.
Update: Wampum Blog reports that the picture would be even worse except for some "fuzzy math" courtesy of the Bushies.