And Like Housing, Has Not Yet Hit Bottom

CNN Money

NEW YORK (CNNMoney.com) -- The U.S. economy continued to hemorrhage jobs in February, bringing total job losses over the last six months to more than 3.3 million, and taking the unemployment rate to its highest level in 25 years.

The government reported Friday that employers slashed 651,000 jobs in February, down from a revised loss of 655,000 jobs in January. December's loss was also revised higher to a loss of 681,000 jobs, a 59-year high for losses in one month.

Don't think this is the end. None of the moves to stimulate the economy have taken effect. By the time they wind through the federal, then state, bureaucracies, the employment figures will have gotten worse.

"It's a dismal report. We thought we'd have another month like this, and I think we have a couple of more coming," said Tig Gilliam, chief executive of Adecco Group North America, a unit of the world's largest employment firm. "We've got a lot of layoffs being announced that haven't been implemented."

Gilliam said he expects the unemployment rate to rise to 9% within the next few months.

There's no sign that things are going to change even after the next few months. With the news of GM being in worse shape than originally thought, and Chrysler's future looking even bleaker, I suspect unemployment will continue to rise throughout the year.

The more I read about the economy, the more I can't help but think it's time to pull the plug. Life support is just keeping the economy body in a coma. All economic brain functions are flat.