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Employers Cut 80,000 Jobs in March
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| Contributor | ArmyDem |
| Last Edited | ArmyDem Apr 04, 2008 09:34am |
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| Category | News |
| Media | Newspaper - Washington Post |
| News Date | Friday, April 4, 2008 03:00:00 PM UTC0:0 |
| Description | Unemployment Rate Jumps to 5.1 Percent
By Howard Schneider
Washington Post Staff Writer
Friday, April 4, 2008; 9:59 AM
The U.S. economy shed 80,000 jobs in March and the unemployment rate jumped to 5.1 percent, as the labor market continued to be battered by an economic slowdown.
U.S. employers have now eliminated more than 232,000 jobs in the last three months. The U.S. has not lost jobs for three months in a row since mid-2003, as the effects of the tech bubble's collapse and the 2001 terrorist attacks on New York and Washington were beginning to dissipate. Until January of this year, employers had added jobs for 52 consecutive months.
The bulk of the March job losses came, as they did in January and February, in the manufacturing and the hard-hit construction sectors.
But some service-related businesses also pared back their payrolls, a change from the situation in which service businesses have been a dependable generator of new employment. Retail businesses cut employment by 12,000, while professional and business service firms cut 35,000 positions.
Education and health service companies continued adding jobs -- about 42,000 -- and government employment increased as well, by 18,000.
The latest employment figures, released this morning by the Labor Department, add evidence to the developing sense of an economy in recession. In addition to the March figures, the department said that even more jobs had been lost in January and February than earlier reported. Statistics for those months were revised downward by 67,000. |
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