Center for American Progress

Labor Market Not Looking too Cheery, to Say the Least
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Labor Market Not Looking too Cheery, to Say the Least

It’s no secret that the United States is currently in a very painful recession and the worst “in post World War II history in terms of total job losses, the total number of unemployed workers, and the rapid pace of the contraction.” Home values have plummeted, GDP growth has turned negative, and the economy has shed jobs at an alarming rate. Feel like it is a tough job market out there? You’re not alone.

It’s no secret that the United States is currently in a very painful recession and the worst “in post World War II history in terms of total job losses, the total number of unemployed workers, and the rapid pace of the contraction.” Home values have plummeted, GDP growth has turned negative, and the economy has shed jobs at an alarming rate. Feel like it is a tough job market out there? You’re not alone.

The United States has lost a staggering 5.1 million jobs since the recession began in December 2007. What’s more, nearly two-thirds of those losses–3.3 million–have taken place since just this past November. In March, the overall national unemployment rate hit its highest level in a quarter of a century–8.5 percent–up from 8.1 percent in February and from 4.4 percent in December 2007.

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