U.S. Lost Another 663,000 Jobs In March, Unemployment Rate At 8.5%

U.S. nonfarm payrolls fell 663,000 in March and the unemployment rate rose from 8.1 to 8.5%, its highest level since 1983. The economy has lost more than 650,000 for four consecutive months. On average, economists were looking for a 660,000 drop in nonfarm payrolls and an 8.5% unemployment rate, virtually in-line with the actual numbers.

Since the recession began in December 2007, 5.1 million jobs have been lost, with almost two-thirds
(3.3 million) of the decrease occurring in the last 5 months.

In March, the number of unemployed persons rose to 13.2 million.

The unemployment rates continued to trend upward in March for adult men (8.8 percent), adult women (7.0 percent), whites (7.9 percent), and Hispanics (11.4 percent). The jobless rates for blacks (13.3 percent) and teenagers (21.7 percent) were little changed over the month. The unemployment rate for Asians was 6.4 percent in March, not seasonally adjusted, up from 3.6 percent a year earlier.

Among the sectors in March: Manufacturing employment fell by 161,000, the construction industry lost 126,000 jobs, professional and business services fell by 133,000, Retail trade employment fell by 48,000, employment in financial activities fell 43,000, Leisure and hospitality shed 40,000 jobs, transportation and warehousing lost 34,000 jobs.

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