Politics

What 4.4 Million Jobs Lost Over 14 Months Looks Like

By Karina

Today, the Labor Department released statistics showing that 651,000 American jobs were lost in the month of February, with the unemployment rate rising to 8.1 percent, the worst since December 1983.

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This chart compares the job loss so far in this recession to job losses in the 1990-1991 recession and the 2001 recession ? showing how dramatic and unprecedented the job loss over the last 14 months has been. Over the last 14 months, our economy has lost a total of 4.4 million jobs ? and continuing job losses in the next few months are predicted.

By comparison, we lost a total of 1.6 million jobs in the 1990-1991 recession, before the economy began turning around and jobs began increasing; and we lost a total of 2.7 million jobs in the 2001 recession, before the economy began turning around and jobs began increasing.

Full post as published by The Gavel on March 06, 2009 (boomark / email).