Updated 04/03/2009 11:06 PM
U.S. Jobless Rate Reaches 26-Year High
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According to the U.S. Labor Department, the nation's unemployment rate jumped to 8.5 percent in March.
That's the highest it's been since late 1983.
How many people do you know currently looking for work? What's their job search been like? Join the conversation on NY1's "The Call" with John Schiumo at 9 o'clock tonight or email your thoughts.
Employers eliminated a net total of 663,000 jobs last month, slightly more than the 654,000 economists had predicted.
The average work week also dropped in March to a new record low of 33.2 hours.
Sharyn O'Halloran, a professor of political economy at Columbia University, says even after the jobless period passes, New York will still see profound changes in the workplace.
"New York is being very heavily hit, not just in the financial sector, but also in services that support the financial sector," says O'Halloran. "What's important to realize is that a third of those jobs will not come back."
Since December 2007, the economy has lost a net total of 5.1 million jobs, with almost two-thirds of those happening in the last five months.
The recession is now the longest since World War II.