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James - My Blog


80,000 job losses, unemployment spikes
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U.S. employers slashed jobs for the third straight month in March and unemployment rose to a nearly three-year high, offering the latest signs that the economy has fallen into a recession.The Labor Department's much anticipated report showed a net loss of 80,000 jobs last month. That marks the third straight month that jobs have fallen - the longest period of decline since early 2003.The job losses were widespread, with the battered construction sector losing 51,000 jobs and manufacturing employment falling by 48,000. But there were also losses in key service sector industries. Retail employment dropped by 12,000 jobs, and business and professional service employers cut staff by 35,000.The unemployment rate jumped to 5.1% from 4.8% in February. The new reading is the highest level since May 2005. Economists had forecast that unemployment would rise to 5%.





April 4, 2008 | 11:13 AM Comments  0 comments

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