US unemployment hit 8.5 per cent, its highest level since 1983, as the recession continues to savage the labour force, official data revealed yesterday.
Non-farm payrolls shed 663,000 jobs in March, in line with economists' expectations, bringing the losses since the recession began in December 2007 to 5.1m – almost two-thirds of them over the past five months.
“The loss of jobs thus far into the recession has been staggering,” said Joseph Brusuelas, director of Moody's Economy.com, who predicts that unemployment will peak at 10 per cent by the middle of next year. “It looks like the most intense phase is upon us, but losses will continue well past the time we've entered recovery.”
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