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The U.S. shed another 663K jobs in March, while the annual rate of unemployment surged to 8.5% from 8.1% in February, which is the highest level since November 1983, and the labor market is likely to deteriorate further as business continue to cut back on production and employment in an attempt to weather the economic downturn. The world’s largest economy has lost nearly 5.1M jobs since the recession began in late 2007, and conditions are likely to get worse as firms face fading demands from home and abroad. As a result, Fed Chairman Ben Bernanke said that the jobless rate could perhaps exceed 10% ‘for a period’ as the downturn in the global economy intensifies, and policymakers may take additional measures to get the nation back on track as private-sector spending, which is one of the biggest drivers of growth, deteriorates.