Saturday, March 7, 2009
Unemployment Rate 8.1% in Feb 2009
--651k jobs were lost in Feb 2009. The job losses were revised upward in the past two months, 655k an 681k. The pace seems stablizing. --But reading into the data, I realized that most losss are from higher educated groups. While job losses in people with high school and below displomas seem stablizing, the pace of job losses for peopel with associate and higher degress increased in Febraury. Associate degree holders lost 280k jobs in Feb while losing 250k in Jan. --Only education & health care and government eked out job growth. --Unemployment surged from 6.7% in January to 8.1% in Februray, the highest in 26 years. It might shot up to 10% by yearend.