Employers slash jobs by most in 5 years

[Amerigo Vespucci]

Source: MSNBC

WASHINGTON - Employers slashed 63,000 jobs in February, the most in five years and the starkest sign yet that the country is heading dangerously toward recession or is in one already.

The Labor Department’s report, released Friday, also indicated 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, financial services 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 Labor report also showed that January’s job losses were worse than the government first reported. Employers cut 22,000 jobs, versus 17,000.

Read more: http://www.msnbc.msn.com/id/23518599/

[liberal N proud]

1. Do you think the U.S. economy is in a recession?

Live Vote: Do you think the U.S. economy is in a recession?

Yes, the downturn is already under way.
84%

http://www.msnbc.msn.com/id/23519051/

[YOY]

2. But Republicans are GOOD for the economy

:sarcasm:

If we win this one the upturn will mean to us what it did for Reagan and the Pugs in the 80s.

[Amerigo Vespucci]

3. Yes, I saw that...I'd really like to know the make-up of that 16%.

Is it CEOs? Idiots? Trust fund kiddies? All of the above?

:silly:

[Algorem]

4. that's just rhetoric

somebody tell Canada

[bighughdiehl]

5. Har Har Har

I notice the story says the unemployment rate dropped even as jobs were slashed. Smoking-gun proof the books are Enron cooked. The real unemployment and inflation rates are at least twice these bullshit statistics.

[Beausoleil]

6. Noticed that too.

hundreds of thousands of people ... left the civilian labor force

M$Mspeak for "lost their unemployments benefits and are SOL (thank god they don't count anymore or it would be a lot worse)"

[bushmeister0]

7. Don't worry be happy with Dubya' dollars!

George W. Bush: Jan. 3. 2008

"Financial markets are strong and solid . . . This economy is on a solid foundation.

Herbert Hoover Oct. 1929 (One month after the Crash)

"The fundamental business of the country . . . is on a sound and prosperous basis."

The IRS better hurry up with those Dubya' dollars before the whole country goes the way of the Michigan.

Detroit News:

"In the past 12 months, Michigan lost a total of 58,000 payroll jobs, according to state figures, mostly in manufacturing, construction, government, professional and business services, trade, transportation and utilities and financial activities."

http://www.detnews.com/apps/pbcs.dll/article?AID=/20080306/BIZ/803060347

Is the 63K number correct, or is it worse than they're saying?

Odd that the Sun Sentinel in Ft. Lauderdale reports:

"Unemployment climbed in South Florida in January, as more than 36,000 jobs were lost since December in Palm Beach, Broward and Miami-Dade counties."

http://www.sun-sentinel.com/news/local/sfl-307unemployment,0,5148849.story?track=rss

And KABC TV reports:

"A state report says California payrolls lost 20,300 jobs in January."

http://abclocal.go.com/kabc/story?section=news/business&id=5994744

Now, that's 63 thousand jobs lost right there. What's up with that?

Screw a resession, we're in a depression! (Michigan is anyway.)

[eppur_se_muova]

8. "450,000 job seekers stopped looking for employment, so are not included..."

Despite the drop in payroll employment, the unemployment rate fell to 4.8%, from 4.9%.

The discrepancy results from the way the figures are calculated - 450,000 job seekers stopped looking for employment, so are not included in the calculation of the unemployment rate.

Minutes before the report was released, the US Federal Reserve announced plans to make more money available to commercial lenders at its money auctions.
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more: http://news.bbc.co.uk/2/hi/business/7283512.stm