Unemployment rate at 8.1% in February jobs report

March 6, 1:06 PMRight Side Politics ExaminerDan Spencer

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The Bureau of Labor Statistics reports the national unemployment rate reached  8.1 percent last month. That's the highest unemployment has been since the recession which greeted President Reagan in the early 80's.

According to the New York Times, unemployment could reach 10 percent:

And economists expect that unemployment will continue to rise for the rest of the year and into early 2010, with the unemployment rate reaching 9 to 10 percent by the time a recovery begins.

As bad as that would be, it would not be as bad as the 10.8 percent reached in December of 1982 or the 25% unemployment rate of the great depression.

The rate at which the economy is losing jobs is frightening. The Wall Street Journal reports jobs have not been lost at this rate in six decades.

Watch the following video report from the Associated Press:

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