Thursday, March 3, 2011

U.S. Unemployment surges in February: Gallup

From Gallup:
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.

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....
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..."

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