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February Job Losses Slam Economy, Unemployment Rate Hits 8.1%
The U.S. economy shed 651,000 jobs last month, the Labor Department reported Friday, the third-largest monthly total since the government began compiling data in 1939.
It’s the first time since 1939 that job losses have exceeded 600,000 for three consecutive months, as revisions for December and January showed an additional loss of 161,000 jobs.
The record for monthly job losses was set in September 1945, when nearly 2 million people lost their jobs after the Allied forces won the most destructive war in history and American industry was transitioning from wartime to peacetime, Money Morning reported Monday. Then, in October 1949, 834,000 jobs…
9Mar2009 | Money Morning | 0 comments | Continued
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