February reports 651,000 U.S. jobs lost!
4.4 Americans jobless since December 2007 with unemployment rate at 8.1 percent.
West Palm Beach, FL (JusticeNewsFlash.com)–The U.S. Bureau of Labor Statistics reported on Friday the national unemployment rate, in February, reached the its highest mark in 25 years. Another 651,000 workers lost their jobs in February and the unemployment rate reached 8.1 percent as reported by the New York Times. Employment and economic experts are strongly speculating a continued jobless rate increase through 2010 with no predicted relief in sight.
Workers with jobs centered in manufacturing are predicted to be lost forever with positions being eliminated permanently. February was a milestone fourth record month in a row of over 500,000 workers finding themselves without paychecks. The Obama administration is promising to create 3.5 million jobs over the next two years. The pace of job losses since December 2007 has been steadily increasing with 4.4 million jobs eliminated amidst the national credit crisis, economic fallout on Wall Street, and the virtual collapse of U.S. banking institutions.
U.S. workers are finding themselves without a paycheck, pension, retirement savings plan and virtually no benefits including health insurance. Many workers have been permanently let go without a severance check or reimbursement of unused vacation and sick pay which in many cases may be a violation in federal fair labor practices laws and guidelines.
West Palm Beach employment law news for workers’ compensation lawyers by JusticeNewsFlash.com.