WASHINGTON (AP) — 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.
Related MSNBC StoryEconomyInCrisis.org is a website you should routinely visit for daily stories pertaining to the United States economy. The website also tracks pertinent data such as who is funding our debt, what nations are buying our assets and industries and what percentage of our total consumption is spent on foreign goods.
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