Heritage Jobs Report: February Employment Losses Would Be Worse with Card Check

Heritage:

February continued the miserable string of poor employment reports by the Bureau of Labor Statistics. The most jarring number is the unemployment rate, which increased by a half a percentage point to 8.1 percent. The payroll survey reported that non-farm employment fell by 651,000 jobs, roughly in line with expectations.

February Report

Job losses were deep and widespread in February, with almost every sector shedding jobs. The unemployment rate climbed to 8.1 percent, the highest level since 1983. The current economic downturn is very severe, and its magnitude is similar to the 1981-82 recession. If these similarities hold true, unemployment may continue to climb and even peak after the recession has ended, as it did in the early 1980s when the unemployment rate reached its high of 10.8 percent after the recession was officially over.

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