| The bleeding U.S. economy went on to lose more | | | | package last month. |
| jobs last February, taking the head count to a | | | | Some economists, however, expressed their |
| total of 3.3 million lost jobs since September last | | | | doubts that the stimulus package will be an |
| year, and making it the highest unemployment | | | | effective deterrent against further unemployment |
| level recorded in a quarter of a century. | | | | problems in the future. |
| New records set | | | | Sung Won Sohn, a Cal State University economics |
| 651,000 employees got the ax in February which, | | | | professor, said that the package may not |
| according to government figures, is a bit lower | | | | immediately affect job generation but could offset |
| than the 655,000 lost in January. The number of | | | | further job layoffs. He said that majority of the |
| jobs lost last December reached 681,000, the | | | | jobs that can be created by the $787 billion |
| highest loss for a single month in 59 years. | | | | government allocation may not be fully realized |
| Unemployment level climbed from 7.6% to 8.1% | | | | until 2010. |
| in February and was the highest recorded job loss | | | | Underemployment also on the rise |
| rate since 1983, exceeding the 7.9% predicted by | | | | Job seekers who can't get full-time employment |
| economists. | | | | or had their working hours reduced accounted for |
| A total of 4.4 million Americans lost their jobs | | | | the part-time workers which numbered 787,000 |
| since the beginning of 2008. A nationwide survey | | | | last month, bringing the total to 8.6 million. |
| of families yielded a record of 12.5 million | | | | Counting demoralized job hunters who are not |
| unemployed people, the highest number found | | | | considered by the government as unemployed, |
| since 1940. | | | | along with the part-time labor force, the |
| According to Adecco Group North America CEO | | | | underemployment rate swelled from January's |
| Tig Gilliam, while the reports coming in look grim, | | | | 13.9% to 14.8% in February. This category |
| more job losses are still expected in the coming | | | | reached its fifth straight high record this year. |
| couple of months. There have already been | | | | Records show that cut in total working hours |
| plenty of layoff announcements which have not | | | | showed good results and the ever-growing |
| been carried out yet and employers expect | | | | population of part-time workers are sure signs of |
| unemployment levels to reach a high of 9% by | | | | an economy that will more likely continue to |
| the middle of the year. | | | | slacken. |
| Not yet over the hump | | | | Gilliam said that workers struggling with part-time |
| Wachovia chief economist John Silvia said that the | | | | jobs will find their paychecks insufficient to settle |
| clobbered labor market hasn't touched the bottom | | | | their bills. This will force them to cut their spending |
| yet. As much as he wants to believe that the | | | | which will eventually lead to further decrease in |
| worst part has been reached, he suspects the | | | | business revenue and, as a result, more layoffs. |
| pattern will go on in the coming months. | | | | In the last three months alone, more than 83% |
| According to a statement released by the Obama | | | | of U.S. industries have to downsize their work |
| government, massive unemployment and the | | | | force. What has started in the financial, |
| current economic crisis are the reasons for | | | | manufacturing and construction sectors has now |
| Congress to act quickly in passing a stimulus | | | | crept its way to every industry. |