I don't think it will take til 2010 to get to 10%. The base is dropping and the monthlies are going up every month. 7.5% to 8.1% in just one month is staggering. We have lost 2.6 MILLION jobs in the past FOUR MONTHS. Q4 numbers have been miserable across the board.
We have increased the number of unemployed by over 5 million in the past year. Hell, here's the report.
Household data: (202) 691-6378 USDL 09-0224
Current Population Survey(CPS)
Establishment data: (202) 691-6555
Transmission of material in this release
Employment, Hours, and Earnings from the Current Employment Statistics survey (National) Home Page
is embargoed until 8:30 A.M. (EST),
Media contact: (202) 691-5902 Friday, March 6, 2009.
THE EMPLOYMENT SITUATION: FEBRUARY 2009
Nonfarm payroll employment continued to fall sharply in February (-651,000),
and the unemployment rate rose from 7.6 to 8.1 percent,
the Bureau of Labor
Statistics of the U.S. Department of Labor reported today. Payroll employ-
ment has declined by 2.6 million in the past 4 months.
In February, job
losses were large and widespread across nearly all major industry sectors.
Unemployment (Household Survey Data)
The number of unemployed persons increased by 851,000 to 12.5 million in February, and the unemployment rate rose to 8.1 percent.
Over the past 12 months, the number of unemployed persons has increased by about 5.0 million, and the unemployment rate has risen by 3.3 percentage points. (See table A-1.)
The unemployment rate continued to trend upward in February for adult
men (8.1 percent), adult women (6.7 percent), whites (7.3 percent), blacks
(13.4 percent), and Hispanics (10.9 percent). The jobless rate for teen-
agers was little changed at 21.6 percent. The unemployment rate for Asians
was 6.9 percent in February, not seasonally adjusted. (See tables A-1, A-2,
Among the unemployed, the number of job losers and persons who completed temporary jobs increased by 716,000 to 7.7 million in February. This measure has grown by 3.8 million in the last 12 months. (See table A-8.)
The number of long-term unemployed (those jobless for 27 weeks or more)
increased by 270,000 to 2.9 million in February. Over the past 12 months,
the number of long-term unemployed was up by 1.6 million.
<tables in the BLS LINK>
Employment Situation Summary