US Economy loses 663,000 jobs in February

The Non Farm Payroll report released this morning announced the US Economy has lost another 663,000 jobs in the past month. The data was in line with analyst’s expectations. The Jobless rate is now 8.5%, the highest in 25 years as more employers laid off workers due to worsening economic conditions.

January’s figures were revised with an earlier reported 655,000 but now standing at 741,000 lost jobs ( a revision of 86,000 jobs). February’s numbers remained unchanged.

The number of employers considering layoffs has not decreased and as more companies announce further restructuring the harder it will be for the US economy to bounce back.   The expectation for President Obama’s Stimulus Plan is high as he has specifically targeted American jobs as a priority.

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza