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US Drops 80,000 Jobs, Biggest Loss in 5 Years

Posted Apr 4, 08 8:00 AM CDT in Business 

(Newser) – Unemployment surged in March to 5.1%, the worst it’s been since September 2005, reports the Wall Street Journal. The country lost 80,000 non-farm jobs last month after dropping 76,000 jobs in both January and February. The third sharp drop fuels fears that the US has slipped into a recession and may prompt another interest rate cut by the Fed.

The payroll decline was the biggest in five years, the Labor Department said. Wall Street had expected a drop of 50,000 in payrolls and 5.0% unemployment rate. The losses would have been higher, but the government added 30,000 jobs last month. The Labor Department said manufacturing cut 48,000 jobs, construction fell 51,000, and business and professional services lost 35,000.

Source Wall Street Journal

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A worker attaches strips to the front cowling of a Robinson R-44 helicopter at a plant in Torrance, Calif. Manufacturing lost 48,000 jobs in March.   (AP Photo/Reed Saxon)
People line up to attend a job fair on Wednesday, March 26, 2008 in New York. New York's financial communityhas suffered thousands of layoffs in 2008.   (AP Photo/Mark Lennihan)
An ironworker welds flooring and walls of a skyscraper under construction in downtown Pittsburgh. The industry lost 510,000 jobs in March.   (AP Photo)
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US economy  • Federal Reserve  • recession  • unemployment  • Labor Department  • payrolls


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