Employers Chopped 80,000 Jobs Last Month; Jobless Rate Rose to 5.1 Percent
By icyorchid
@icyorchid (2564)
United States
April 4, 2008 10:48am CST
Employers buffeted by talk of recession slashed 80,000 jobs in March, the most in five years and the third straight month of losses.
At the same time, the national unemployment rate rose from 4.8 percent to 5.1 percent, the clearest signal yet that the economy might already be shrinking.
The new snapshot of the job market, released by the Labor Department Friday, underscored the damage that a trio of crises --in the housing, credit and financial sectors -- has inflicted on companies, jobseekers and the economy as a whole.
"The labor market has indeed turned south," said Joel Naroff, president of Naroff Economic Advisors. "That was the one last bastion of hope to stay out of a recession. Now the question is how deep and how long will it last?"
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http://biz.yahoo.com/ap/080404/economy.html
3 responses
@sedel1027 (17846)
• Cupertino, California
4 Apr 08
I always wonder where they get those numbers from. I mean you think with all those people laid off the unemployment rate would be a heck of a lot higher.
To me, this is all a vicious circle. The government needs to take control of the problems now before they get worse.
1 person likes this
@icyorchid (2564)
• United States
4 Apr 08
Yes I agree.
Now as far as the numbers, I think they go by the new ones who have just become unemployed. Not sure though.
@sedel1027 (17846)
• Cupertino, California
4 Apr 08
But is that what the employers actually send in or are the numbers from the people who file unemployment? I guess I don't get how it is tracked.
For our company we are asked to report quarterly but it is not required. I would say maybe once a year we might file the information.
@wickedangel (1636)
• Dominican Republic
4 Apr 08
We had a lot of job losses in the UK in the 70s & 80s as they closed down mines, steel works and car factors. All the big factories closed and now we only have small factories, the ship yards are closed, the mines are empty and everyone is trying to go for the same job. It is hopeless. People have to move to other areas where there is a better job prospect, so kids go to other schools, mothers have to find new work too and they all lose out on their friendships (work, school, neighbours etc). Once this downward trend starts it is hard for the job markets to pick up unless it is in a completely different sector. Very sad. Nothing goes back to as it was.....:(
