New unemployment numbers out today reveal that the U.S. economy lost 663,000 jobs in March and jobless rate jumps to 8.5 percent, the highest since late 1983. The U.S. continued to shed jobs at an unrelenting clip in March, pushing total losses since the recession started 16 months ago past five million.
The figures are a sober reality check on the economy after some mildly encouraging news on housing, automobiles and manufacturing. But on hearing the news, the markets jumped. So what do the numbers really mean? We turn to Kelly Evans, an economics reporter for the Wall Street Journal.
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