The national unemployment rate remained unchanged in February, although 36,000 jobs were lost, according to a recent Labor Department report. CNNMoney.com reports that job economists had predicted job losses of 68,000. Still, February losses were worse than those a month earlier, when 26,000 jobs were lost.
February job losses did not result in any significant change in the number of unemployed persons, and the official government unemployment rate remains at 9.7%. Had the job economists been right, the unemployment rate for February would have increased to 9.8%.
The revolving door of unemployment
Taking the February unemployment report to a level that matters, 36,000 people lost jobs in February and about that many found jobs. Many thousands of previously unemployed workers will at last start bringing home paychecks and in just a short time, they'll also be able to obtain short term personal loans and emergency money when needed. Just as many recently employed workers will be out of luck, however, and may eventually find themselves in serious need of credit repair. ... click here to read the rest of the article titled "Winter Storms Affect Unemployment Rates"