U.S. jobless rate spikes to 8.1 percent
8:37 AM Fri, Mar 06, 2009 | Permalink
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The U.S. unemployment rate surged in February to the highest level in more than 25 years as payrolls fell by 651,000, the Labor Dept. reported this morning. The jobless rate surged to 8.1 percent, more than forecast and the highest since December 1983. 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 Rhode Island unemployment rate in January, the latest month available, was 10.3 percent and the Massachusetts' jobless rate was 7.4 percent. 
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