U.S. Economy: Unemployment in U.S. Surged to 8.1% in February 2009

Friday, March 6, 2009

" The U.S. unemployment rate jumped in February to 8.1 percent, the highest level in more than a quarter century, a surge likely to send more Americans into bankruptcy and force further cutbacks in consumer spending.
Employers eliminated 651,000 jobs last month, the Labor Department said today in Washington. Losses have now exceeded 600,000 for three straight months, the first time that’s happened since the data began in 1939. Revisions to the previous two months lopped off an additional 161,000 positions. ".

(information courtesy bloomberg)

So, what happened to economic stimulus funding of 700+ Billion USD??? Has it not gone into the "Vehicle" called economy to take it forward?

What has been working well for US about a decade back is not working anymore?!!? .... I believe with the internet age, location is not a constrain and hence I feel, US has to look out for cost effective solution instead of going into a protection mode.

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