651k Jobs Lost, Unemployment Rate 8.1%

“There is not a single sign that points to a bottom yet. It is the worst recession in the postwar era.” -Ellen Zentner

The numbers sucked. As expected. 651k jobs were lost. The revisions were especially bad. The prior month was revised down to a 655k jobs from a loss of 598k. This pushed the unemployment rate up to 8.1% from an expected 7.9%.

Since the world didn't end, it looks like a short covering bounce will be attempted right off the open...

The question is, will it stick?

Employers in U.S. Cut 651,000 Jobs; Unemployment Rose to 8.1%: “The U.S. unemployment rate surged in February to the highest level in more than 25 years and the economy lost more than 600,000 jobs for a third consecutive month, pointing to further reductions in spending.

Payrolls fell by 651,000 and revisions for the prior two months lopped off an additional 161,000 jobs, the Labor Department said today in Washington. The jobless rate surged to 8.1 percent, more than forecast and the highest since December 1983.

Tumbling demand globally is prompting companies from General Motors Corp. to Sears Holdings Corp. to step up firings, perpetuating a vicious circle of job losses and spending cuts. The Obama administration has set aside immediate concerns about a budget gap and pushed through a $787 billion stimulus plan aimed at creating or saving 3.5 million jobs.”