Unemployment rose to 8.5% in March-the highest level since November 1983-as businesses cut 694,000 non-farm jobs, the Department of Labor reported today.
The economy has lost 5.1 million jobs since the current recession started in December 2007. In the last five months, 3.3 million jobs have been lost. The total number of jobs declined during each of the last 15 months.
The number of persons unemployed in March was 13.2million, up from 12.5 million in February, when the unemployment rate was 8.1%.
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