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The deep downturn in the US economy gathered strength in February as another 651,000 workers lost their jobs.
Crowds wait to apply for jobs outside the New York Department of Labor1 in the Bronx in New York, 06 Mar2 2009
It was the third straight month in which the jobless total rose by more than 600,000. Since the recession began in December 2007 over four million Americans have lost their jobs.
The unemployment rate rose to 8.1 percent in February, the highest rate in over 25 years. Job losses in February were close to expectations, while the unemployment rate was above forecasts of 8 percent.
New York Congressman3 Maurice Hinchey called attention to the revised 688,000 job lost in December 2008. "That [revised] December decline is now the worst we've seen since October 1949," he said.
Hinchey is a member of the Joint4 Economic Committee. During a discussion of the grim jobs data, members divided along party lines on whether the economic stimulus5 plan of President Obama will turn the economy around. Elijah Cummings, a democrat6 from Baltimore, Maryland, is optimistic.
"This [economic] situation changes from day-to-day, hour-to-hour, it is indeed a very difficult moving target," said Cummings. "But we will hit the target."
Kevin Brady, a Republican congressman from east Texas, is convinced that more government spending is not the answer. "Unfortunately, the administration's solution to the problem posed by an excessive debt burden is to propose an avalanche7 of more deficit8 spending and higher federal debt," he said.
Analysts9 expect the jobless rate will continue to rise, perhaps reaching 10 percent of the labor force. The current recession is already among the deepest of the post-World War II period.
The stock market, a barometer10 of business confidence, has plummeted11 20 percent in the six weeks since President Obama took office. It is down 53 percent from its October 2007 record high, a move that has erased12 several trillion dollars from America's household wealth.
1 labor | |
n.劳动,努力,工作,劳工;分娩;vi.劳动,努力,苦干;vt.详细分析;麻烦 | |
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2 mar | |
vt.破坏,毁坏,弄糟 | |
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3 Congressman | |
n.(美)国会议员 | |
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4 joint | |
adj.联合的,共同的;n.关节,接合处;v.连接,贴合 | |
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5 stimulus | |
n.刺激,刺激物,促进因素,引起兴奋的事物 | |
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6 democrat | |
n.民主主义者,民主人士;民主党党员 | |
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7 avalanche | |
n.雪崩,大量涌来 | |
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8 deficit | |
n.亏空,亏损;赤字,逆差 | |
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9 analysts | |
分析家,化验员( analyst的名词复数 ) | |
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10 barometer | |
n.气压表,睛雨表,反应指标 | |
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11 plummeted | |
v.垂直落下,骤然跌落( plummet的过去式和过去分词 ) | |
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12 erased | |
v.擦掉( erase的过去式和过去分词 );抹去;清除 | |
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