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Unemployment Rate Soars Beyond Expectation

By: KBTX Staff and CBS News Email
Updated: Fri 8:04 PM, Feb 06, 2009

We've been telling you about the unemployment numbers in the Twin Cities going against the grain compared to the national stats.

Bryan-College Station's unemployment rate fell from 4.4 percent in November to 4.1 percent in December.

However, in December 2007, Bryan-College Station's unemployment rate was at a low 3.3 percent, so there has been some cautious optimism about the local situation.

Nationally, the news is not even close to that good. The unemployment rate soared according to numbers released Friday.

Finding work is becoming harder and harder, and a recovery this year is a long shot.

Thousands of people lined up in Concord, North Carolina, hoping for work..

"I have been unemployed for six months now," Pamela Thomas said.

They're applying for one of 500 positions at a new water park opening next month.

"I'm looking for anything that's going to pay me right now," Thomas said.

Nearly 600,000 people lost their jobs last month, sending the unemployment rate soaring to 7.6 percent.

Companies from Microsoft to Macy's are slashing their payrolls. With so many layoffs, consumer spending has plummeted, leading to even more layoffs and a vicious downward spiral.

A staggering 3.5 million Americans have lost their jobs in the last year. The biggest job loss since the Great Depression. With so many people unemployed, it's increasingly difficult to find work.

Cecile D'Amelio lost her job in the textile industry. She's been pounding the pavement for 7 months, but so far, nothing.

"I want to stay positive but honestly I am not," D'Amelio said.

From Waterbury, Connecticut to Dallas, Texas, the human toll of the economic crisis keeps growing.

"The hope of everyone standing here today: to land a job and keep going, feed the family, pay the bills," Allen Honeycutt of North Carolina said.

But the unemployment line is only expected to get longer. Analysts predict another three million jobs or more will vanish by the end of this year.


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