From the 5 Minute Forecast, ( http://www.agorafinancial.com/5min/ )
Employment will make or break this depression. Today, its not looking so good. 12.5 million Americans are out of work, and counting. Heres the quick and dirty on the rest of the employment numbers this morning:
The economy shed 651,000 jobs in February, right in line with Wall Streets expectations. Thats the 14th month in a row of net job losses January and December jobs losses were revised down heavily. January was bumped down another 57,000 jobs, to a 655,000 loss. And the BLS altered Decembers by more than 100,000, to a 59-year high of 681,000 lost jobs. (Proof that these guys either put the numbers wherever they want, or that they arent very good at keeping track) Thus, over 4.4 million jobs have been lost since the official beginning of the downturn in late 2007.
The official unemployment rate is up to 8.1%, thanks to those revisions a 25-year high. And you know that if the government is willing to cop to that number its really much worse.