'Asia Pacific Group' – The recession in the US forced another 651,000 Americans out of work in February.
Press Release (PressBurner) Mar 10, 2009 - The unemployment rate in the US reached 8.1% and, according to sources close to “Asia Pacific Group”, may reach double figures by the end of the 2nd quarter of the year.
US non-farm payrolls slid by 651,000 as the recession in the world’s largest economy took its toll on employers who have reacted by slashing jobs at a rate of over 600,000 every month since December last year.
“Asia Pacific Group” is thought to expect the rate to reach double figures because the recently announced stimulus package from the Obama administration will take some time to filter into infrastructure jobs. The latest figures take the total number of Americans out of work to 12.5 million, an increase of over 5 million in the last year alone.
“Asia Pacific Group” has, in recent months, advised clients to avoid the acquisition of stocks based on low prices alone as their belief was that the deepening recession would see prices fall further but rumors abound that the Asian-based firm is preparing to begin buying stocks in selected sectors as the bottom in equity approaches.
