The jobless rate jumped to 8.1% according to numbers released by the Labor Department this morning. It's the highest rate since 1983. Another 651,000 jobs were cut in the month of February.
Since December of 2007, 4.4 million jobs have been lost while the federal government continues to bring in approximately 1.5 million foreign workers per year. The jump to 8.1% is up half a percent from January's number of 7.6%. There are now 12.5 million unemployed American workers.
February job cuts impacted a wide range of industries. Construction companies eliminated 104,000 jobs, factories cut 168,000, retailers cut 40,000 and professional and business services cut 180,000. Financial firms also cut 78,000 with the hospitality industry cutting 33,000 workers.