Employment continued to fall sharply in March, according to a report released by the Labor Department on Friday, with the decrease in payroll employment coming in roughly in line with economist estimates. The unemployment rate subsequently jumped to a twenty-five year high.
The report showed that non-farm payroll employment fell by 663,000 jobs in March following an unrevised decrease of 651,000 jobs in February. The drop in jobs came roughly in line with economists' expectations of a decrease of 658,000 levels.
With the continued decrease in jobs, the unemployment rate rose to 8.5 percent in March from 8.1 percent in the previous month, in line with expectations. With the increase, the unemployment rate rose to its highest level since November of 1983.
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