The Labor Department reported this morning that the unemployment rate rose to 8.1% last month. That’s the highest rate in over 25 years. The economy shed 651,000 jobs in February. The job losses for December and January were also revised higher.
Over the past three months, the economy has lost nearly two million jobs. That’s an average of over 150,000 job losses per week. Honestly, we got lucky today. It could have been much worse.