Over 63,000 jobs in February were cut which means the worst showing in five years and is making experts and the average person wondering if the US economy is tubing into a recession.
The Labor Department's report, released Friday, shows unemployment rate at 4.8 percent with thousands leaving the workforce.
The main losers are construction, manufacturing, retailing, financial services although of all things, leisure and government is up.
Also on Friday, the Federal Reserve announced it will increase the amount of loans it will make to banks. How about a whopping $100 billion. Two months ago, it tried to bail out banks by lending them $160 billion.
It was the first back-to-back monthly job losses since May and June 2003.
Wait until you see the upcomming June figures................. Written by ....Man-o-man do you have another thing coming
on 3/7/2008
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