the benjamin button economy

Unemployment Hits Highest Levels Since 1983

Well. The Bureau of Labor Statistics reported today that the economy lost 663,000 jobs in March, bringing the total amount of job losses to 5.1 million and the unemployment rate to 8.5 percent, the worst since 1983. “There is no letup,” one economist told the Times. “The trend has been truly dismal.” The good news, he added, is that these numbers could moderate a little by summer as we start feeling the effects of the government stimulus plan. “The fiscal stimulus is just really starting now,” Mr. O’Sullivan said. “That’s all in front of us. We do think the weakness is going to fade in the next months.” Plus it will be sunny and warm! Plus, similarly low employment figures didn’t stop a certain someone from rocking out back in 1983…

So there.

[Bureau of Labor Statistics via NYT]

Earlier: The Benjamin Button Economy

Unemployment Hits Highest Levels Since 1983