People on Jobless Benefit in U.S. Rises to Record

Unemployment in the U.S. is on the rise. According to the recent reports from the Labor Department the number of U.S. workers seeking unemployment benefits has hit a new record.

In forex trading the U.S. dollar plunged for a second straight session. Unemployment rate has skyrocketed in the recession mired U.S.


Figures underscore the difficulty of finding a new job:

• 5.47 million People staying on the jobless rolls or the unemployment social security benefit.

• That makes the number of people filing new claims for jobless benefits rise to 646,000 from 658,000 the previous week.
• Over 4 million jobs lost in the country since the recession began 15 months back
• Jobless rate has hit 25-year high of 8.1 percent.
• Percentage of insured workers receiving jobless benefits jumps to the highest since 1983 to 4.1%

According to market analysts U.S. is likely to lose more than 700,000 jobs this month. The pressure on employment in the U.S. is building without any signs of it easing in sight. Analysts are not predicting a strong growth for the American economy until 2010.

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US jobless rate climbs to 8.1%

U.S. Jobless rate Increases:
The US jobless rate jumped in February to 8.1%, according to official figures from the U.S. Labor Department. The number of people out of work rose by 651,000 during the month.Both figures are bigger than expected.
A total of 12.5 million people are now unemployed in the US.

President Obama said that the number of jobs lost so far in the recession was "astounding" adding that he had signed his economic stimulus package in order to save jobs.Rising unemployment has also meant greater demand for free meals.

Across sectors:
Jobs were cut in most sectors, with only government, education and health services adding staff.
In the manufacturing sector 168,000 jobs were cut in the month.
104,000 jobs went in construction and 375,000 were cut in the service sector.

Grim Future Ahead:
Federal Reserve Chairman Ben Bernanke told Congress earlier in the week that economic indicators "show little sign of improvement" and that "labor market conditions may have worsened further in recent weeks".

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