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Employers Slash Jobs by Most in 5 Years

Published 03/07/08 Associated Press - Print Article
E-mail - editor@economyincisis.org

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.


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Article Comments From Readers

guest says "The fruits of Capitalism" on 03/10/08
Why are so many people alarmed? The capitalist system you support and defend is doing a dandy job of transforming our people's democracy into an oligarchy for the few.

Job cuts, disappearing pensions, illegal alien labor, outsourcing, obscene executive compensation, environmental irresponsiblity, tax sheltering by corporations and elites, and a falling dollar are all the natural and inevitable consequences of our economic system.
Why?
Because the goal is and has been from the beginning of our journey the worship of wealth,the celebration of unchecked greed as a virtue, and the rewarding of political power and influence commensurate with that wealth.

Too many people stood by and neglected their fellow workers as their jobs were outsourced,benefits were cut, and pensions evaporated. Too many people stood by and watched the corporate rape of the nation and said Wow! Capitalism is great!
Too many people voted for Bush to commit to endless unwinnable wars draining the people's treasury. Too many people said I've got my share..who cares about anyone else? Too many people said it was OK to send jobs to commmunist China. Too many people said that labor costs of American workers are to expensive in a global economy. Too many people elected the same corrupt duplicitous political parties to office agains and again and again and assumed that the rhetoric of change would be more important than their past voting records and results would be different.
Sorry. That's not the way it works. The Democrat party has failed. The Republican party has failed.
Is there hope? Yes. Of course. But electing the same people or parties again means and expecting a different result is absurd.