US payrolls plunge, jobless rate hits 8.5 percent

Posted by 7Star Friday, April 3, 2009

The US unemployment rate soared to 8.5 percent last month, a 25-year high, as employers slashed 663,000 jobs and cut workers hours to the lowest level on record, the government said on Friday. In a report underscoring the economys distress, the Labour Department also revised its data for January to show job losses of 741,000 that month, the biggest decline since October 1949.

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