Quick Takes | Economic Growth

Steepest drop in employment in 30 years

This morning’s release by the Bureau of Labor Statistics of the February employment report showed that the unemployment rate increased to 8.1% in February, the highest rate in over twenty-five years, and that the economy shed 651,000 payroll jobs, for a total of 4.4 million lost so far in this recession, including 3.3 million lost in the last six months alone. “Job loss continues at a stunning pace — we haven’t seen employment fall off a cliff like this in over thirty years,” said EPI experts Lawrence Mishel and Heidi Shierholz. Read more in today’s Jobs Picture.