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8.5% Unemployment Threatening U.S. Economic Recovery Efforts
The U.S. unemployment rate jumped to 8.5% in March, the highest level since 1983, threatening to throttle consumer spending for months and delay any economic recovery.
A Labor Department report on Friday showed the United States lost 663,000 jobs last month, matching the consensus forecasts of 79 economists surveyed by Bloomberg. January figures were revised to subtract an additional 86,000 workers while February’s drop of 651,000 was unchanged.
“The hope and expectation is that things will get a little less dire in the second quarter as various stimulus efforts kick in,” Ethan Harris, co-head of U.S. economic research at Barclays Capital…
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