U.S. Unemployment Touches 25 Year High
Job losses in the U.S. went up to 8.5% in March which is the highest since 1983. About 663,000 jobs were lost with the total unemployment figure going above 5-million.
Analysts believe that we are likely to see further job losses over the next few months before we hit the bottom and see some sort of turnaround.
March data showed that the service industry was hit quite hard as they shrunk the fastest. Economists are hoping for further bold initiatives from President Obama and are looking forward to the outcome of the G20 Summitt where leaders of the world have come together to find a solution to the worldwide economic crisis.
