Worst since 1949, 12.5 million Unemployed, Unemployment rises to 8.1 percent

U.S. employers axed 651,000 jobs in February. The unemployment rate rose to 8.1 percent, a 25-year high.

January's job cuts were revised to show a steep decline of 655,000, while December's payrolls losses were adjusted to 681,000, the deepest since October 1949. Since the start of the recession in December 2007, the economy has purged 4.4 million jobs, with more than half occurring in the last 4 months.

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