Unemployment in U.S. Surges to 8.1% as Payrolls Slide

By Bob Willis -- March 6 (Bloomberg) --

HIGHLIGHTS

U.S. Unemployment Rate - jumped in February to 8.1 percent, the highest level in more than a quarter century.
Employers eliminated 651,000 jobs - the third straight month that losses surpassed 600,000 -- the first time that’s happened since the data began in 1939, Labor Department figures showed today in Washington.

• Representative Carolyn Maloney - Chairman of the congressional Joint Economic Committee said, "The magnitude of these losses indicates that additional measures will likely be needed,” & “As unemployment continues to rise, our foreclosure crisis will only grow worse.”
• Payroll Revisions - for January and December eliminated an additional 161,000 positions. The drop in January was revised to 655,000, and December’s to 681,000.
• Working Hours - The average work week held at 33.3 hours in February. Average weekly hours worked by factory workers dropped to 39.6 hours from 39.8 hours, while overtime also decreased to 2.6 hours from 2.8 hours. That brought the average weekly earnings up by $1 to $615.05.
  

COMMENTS

We are now looking for a break in the momentum of jobs being lost. Just trying to stabilize what we have. An as Washington DC burns our politicians fiddle. Entertainment talk show hosts are elevated to pseudo party leaders status and solutions to problems are being served up with 30 year old left overs.

• Appointments: New deal, new cards, represents a difficult task for the Obama administration. How do you find and secure new talent and fresh ideas - Through trial and error.
• Can't go Home: Folks, the financial landscape is in a paradigm shift. Opportunities are out there but you have to find the new trend lines. Unfortunately, we don't have the option of being able to do nothing and ride it out. Pay attention to the actual numbers not the projections. The projections will be flawed for quite a while due to model drift of assumptions that are now invalid and have not been updated. Major trend changes are always tough to navigate.

Finally, you have to protect yourself by trying to think for yourself. What is best for you and your family during this time of extended economic uncertainty. No politician, economist, or media representative can help you determine that answer.

James Monachino