Unemployment, as measured by Gallup without seasonal adjustment, hit 10.3% in February -- up from 9.8% at the end of January. The U.S. unemployment rate is now essentially the same as the 10.4% at the end of February 2010.In a related development, Reuters reported on Wednesday that "the number of planned layoffs at U.S. firms rose in February to its highest level in 11 months as government and non-profit employers let workers go..."
The percentage of part-time workers who want full-time work worsened considerably in February, increasing to 9.6% of the workforce from 9.1% at the end of January. A larger percentage of the U.S. workforce is working part time and wanting full-time work now than was the case a year ago (9.3%).
Underemployment, a measure that combines part-time workers wanting full-time work with those who are unemployed, surged in February to 19.9%... Underemployment is now higher than it was at this point a year ago (19.7%)....
This deterioration in the jobs situation combined with surging gas prices... and declines on Wall Street tend to explain the recent plunge Gallup recorded in consumer confidence....
Thursday, March 3, 2011
U.S. Unemployment surges in February: Gallup
From Gallup:
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