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Obamanomics is a Disaster for Working Americans

March 7, 2009

“There is no light at the end of the tunnel with these numbers,” said Nigel Gault, economist at IHS Global Insight. “Job losses were everywhere and there’s no hope for a turnaround anytime soon.”

All told, the number of unemployed people climbed to 12.5 million. In addition, the number of people forced to work part time for “economic reasons” rose by a sharp 787,000 to 8.6 million. That’s people who would like to work full time but whose hours were cut back or were unable to find full-time work.

If part-time, discouraged workers and others are factored in, the unemployment rate would have been 14.8 percent in February, the highest on records dating to 1994.

The pain hit blue- and white-collar workers, those without a high-school diploma and those highly educated. The jobless rate for people with a bachelor’s degree or higher jumped to 4.1 percent last month from 3.8 percent in January. That’s the highest on records dating to 1992.

Construction companies eliminated 104,000 jobs. Factories axed 168,000. Retailers cut nearly 40,000. Professional and business services got rid of 180,000, with 78,000 jobs lost at temporary-help agencies. Financial companies reduced payrolls by 44,000. Leisure and hospitality firms chopped 33,000 positions.

There have been no layoffs in Government.

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