U.S. February Job Losses May Have Been Largest in Six Decades
Send more Americans into bankruptcy
March 6 (Bloomberg) -- The U.S. economy probably lost more jobs in February than at any time since 1949, a plunge that may force further reductions in spending and send more Americans into bankruptcy, economists said before a report today.
Employers cut payrolls by 650,000 and the unemployment rate probably surged to a 25-year high of 7.9 percent, according to the median estimates in a Bloomberg News survey ahead of the Labor Department figures. Tumbling demand globally is prompting companies from General Motors Corp. to Sears Holdings Corp. to step up firings, perpetuating a vicious circle of job losses and spending cuts. The Obama administration has set aside immediate concerns about a budget gap and pushed through a $787 billion stimulus plan aimed at creating or saving 3.5 million jobs...more