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Further jump in US unemployment Further jump in US unemployment
(30 minutes later)
The number of people employed in the US fell by 663,000 in March, according to figures from the Department of Labor.The number of people employed in the US fell by 663,000 in March, according to figures from the Department of Labor.
The jobless rate rose to 8.5% from February's figure of 8.1%, meaning it is still at its highest since 1983.The jobless rate rose to 8.5% from February's figure of 8.1%, meaning it is still at its highest since 1983.
It means that since the recession began in December 2007, 5.1 million jobs have been lost, 3.3 million of them in the past five months.It means that since the recession began in December 2007, 5.1 million jobs have been lost, 3.3 million of them in the past five months.
Although showing a severe deterioration, the figures were in line with expectations.Although showing a severe deterioration, the figures were in line with expectations.
"The report does not contradict the growing notion that the economy is finding a bottom," said Pierre Ellis at Decision Economics in New York. "This is still an ugly number. Just because it wasn't uglier than the consensus, doesn't mean it wasn't ugly," said Robert Macintosh, chief economist at Eaton Vance Corp in Boston.
"Certainly there's no sign of strength, but at least it's not getting worse and worse and worse." "It's telling you we're in a deep recession and it's still going to be a while to get out of it, especially on the employment side of things."
Part-time work
The total number of unemployed people rose to 13.2 million in March, the figures showed.The total number of unemployed people rose to 13.2 million in March, the figures showed.
Meanwhile, the number of people forced to work part-time, but would prefer to work full-time, rose 423,000 to nine million. Meanwhile, the number of people forced to work part-time, but who would prefer to work full-time, rose 423,000 to nine million.
The part-time figures are reflected in a fall in the average working week to 33.2 hours, the lowest since records began in 1964.The part-time figures are reflected in a fall in the average working week to 33.2 hours, the lowest since records began in 1964.
The job losses were spread across sectors with the federal government among the few employers increasing employment, but even the US Postal Service cut jobs during the month, with 1,200 staff being laid off.
The unemployment figures followed Thursday's report from the Labor Department, which said initial claims for unemployment insurance rose to a seasonally adjusted 669,000 last week from the previous week's revised figure of 657,000.
The figure was higher than had been expected and the highest for more than 26 years.