Unemployment rate in America high to 8.5%

Unemployment rate in America soared to a high value of 8.5% in the month of March and the rate is one of the highest after 1983.As per the records shown on Friday the employers laid off about 663,000 jobs in the month of March.

In January the job losses were almost 741,000 and as recession started in December 2007, the economy depicted a total loss of more than 5.1 million jobs. Many believe that the economy is trying to find a bottom for itself and once the level is set, it will get stable. The companies are trying to increase average earnings and cut extraneous demands.