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Economy Lost 63,000 Jobs in February
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Issue
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| Contributor | ArmyDem |
| Last Edited | ArmyDem Mar 07, 2008 03:29pm |
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| Category | News |
| Media | Newspaper - New York Times |
| News Date | Friday, March 7, 2008 09:00:00 PM UTC0:0 |
| Description | By MICHAEL M. GRYNBAUM
Published: March 7, 2008
The economy shed 63,000 jobs in February, the government said on Friday, the fastest falloff in five years and the strongest evidence yet that the nation is headed toward — or may already be in — a recession.
Manufacturers and construction companies, reeling from the worst housing slump in decades, led the declines in payrolls. But the losses were spread across a broad range of businesses — including department stores, offices and retail outlets — putting increased pressure on consumers’ pocketbooks.
The unexpected decline raised anticipation on Wall Street that the Federal Reserve will lower interest rates again later this month, perhaps by as much as a full percentage point, as the central bank scrambles to stave off a steep economic slowdown.
“I haven’t seen a job report this recessionary since the last recession,” said Jared Bernstein, an economist at the Economic Policy Institute in Washington. “This is a picture of a labor market becoming clearly infected by the contagion from the rest of the economy.”
Stock markets dropped after the opening bell, then recovered before heading down again. At 2:30 p.m., the Dow Jones industrials were down nearly 200 points, or 1.6 percent, as Wall Street weighed the economic news. |
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