economic news of the day
CNN/Money: Unemployment jumps to 6%
Unemployment rose from 5.8 percent in March, the Labor Department said, matching its December 2002 peak, which was the highest level since August 1994. Unemployed workers now total 8.8 million, up from 8.4 million in March.
Payrolls shrank by 48,000 outside the farm sector after falling by a revised 124,000 jobs in March. In the past three months, 523,000 jobs have been cut, the worst such stretch since the months after the Sept. 11 attacks.
"'3-peats' never happen outside of recessions," said Merrill Lynch chief U.S. economist David Rosenberg. "We now have such a case."
(via Brad DeLong)
Reuters: Unemployment Rate Jumps to 6 Percent
(via Daily Kos, which notes that new jobless claims have been over 400,000 for 11 straight weeks.)