U.S. unemployment hits 35-year high of 7.6 percent
Unemployment numbers released Friday reveal the national jobless rate is the highest it?s been in more than 30 years.
The unemployment rate hit 7.6 percent after 598,000 jobs were wiped out in January. While Long Island is faring better than the rest of the nation, Gary Huth, of the New York State Department of Labor, says, "Clearly it's going to get worse before it gets better.?
President Barack Obama reacted to the numbers as well. "The situation could not be more serious,? he says. On the passage of his massive stimulus package, he took a tough line.
?It is inexcusable and irresponsible for any of us to get bogged down in distraction, delay or politics as usual-, when millions of Americans are being put out of work,? the president says.
Estee Lauder, which has facilities in Melville, recently announced 2,000 job cuts. Home Depot is slashing 7,000 jobs and closing the doors to its Westbury Expo Design Center.