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5-Day Forecast
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Monday, January 5, 2009
24-Hour News Business |
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Employers slash jobs by most in 5 years
By JEANNINE AVERSA -- AP Economics Writer (Published March 6‚ 2008) WASHINGTON (AP) Employers slashed jobs by 63,000 in February, the most in five years, the starkest sign yet the country is heading dangerously toward recession or is in one already. The Labor Department's report, released Friday, also showed that the nation's unemployment rate dipped to 4.8 percent as hundreds of thousands of people - perhaps discouraged by their prospects - left the civilian labor force. The jobless rate was 4.9 percent in January. Job losses were widespread, with hefty cuts coming from construction, manufacturing, retailing and a variety of professional and business services. Those losses swamped gains elsewhere including education and health care, leisure and hospitality, and the government. The latest snapshot of the nation's employment climate underscored the heavy toll of the housing and credit crises on companies, jobseekers and the overall economy. THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below. WASHINGTON (AP) - Employers slashed jobs by 63,000 in February, the most in five years. It was the starkest sign yet the country is heading dangerously toward recession or in one already. |
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