March 2009 Payrolls - Dude, Where's My JOB?

According to the U.S. Labor Bureau of Statistics' March 2009 payrolls report, the number of unemployed Americans rose to a jaw-dropping 13.2 million people. During March, the country lost 663,000 jobs and the nation's Unemployment Rate rose to a staggering twenty five year high of 8.5%. The last time the unemployment rate was this high was back in November 1983, when the economy was recovering from the 1981-1982 recession that eventually pushed the jobless rate close to 11%. Perhaps even more disturbing is the fact that nearly 1/4 of all jobless Americans have been unemployed for a period of six months or longer - this is also the highest proportion since the above-cited 1981-1982 recession.

Over the past five months, the country has lost an astounding 3.3 MILLION jobs; including a loss of 2 MILLION jobs during the first three months of 2009. For some perspective and per CNN, if no more jobs are lost in 2009 (mind you, this seems to be a VERY unlikely scenario...), 2009 would still be the 4th worst year for job losses since the government began tracking payrolls data back in 1939. In total, since the recession officially began back in December 2007, the U.S. economy has lost a sickening 5.1 MILLION jobs !


In addition to WIDESPREAD job cuts (virtually every U.S. economic sector lost jobs in March except for 'health care and education services' which actually saw an 8K increase in payrolls), employers also cut back on employee hours. The average hourly employee work week fell to 33.2 hours, the lowest level on record going back to 1964.

Lastly, the country's Underemployment Rate also warrants mention as it continued to rise and ended March at a whopping 15.6% ! FYI, the government's underemployment rate attempts to capture 1.) all unemployed Americans already included in the government's unemployment rate, 2.) those job seekers who have recently given up looking for a job, and 3.) those workers currently holding part-time jobs but are seeking full-time work. The amount of underemployed Americans rose by approx 423,000 in March and now total a RECORD 9 million American workers.


http://www.bls.gov/news.release/empsit.nr0.htm


Data Courtesy: The U.S. Labor Department