Business | Economy
Employers in US slash 63,000 jobs in February
Employers in the US slashed jobs by 63,000 in February, the most in five years, the starkest sign yet the country is heading dangerously toward recession or is in one already.
- AP
- Published: 01:09 March 8, 2008
Washington: Employers in the US slashed jobs by 63,000 in February, the most in five years, the starkest sign yet the country is heading dangerously toward recession or is in one already.
The Labour Department's report, released yesterday, also showed that the unemployment rate dipped to 4.8 per cent as hundreds of thousands of people - perhaps discouraged by their prospects - left the civilian labour force.
The jobless rate was 4.9 per cent in January.
Job losses were widespread, with hefty cuts coming from construction, manufacturing, retailing 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 latest snapshot of the US's employment climate underscored the heavy toll of the housing and credit crises on companies, jobseekers and the overall economy.
The report also showed that the job losses suffered in January were worse than the government first reported.
Business Editor's choice
-
Do unemployment figures flatter to deceive?
Jobseekers and recruiters give out mixed signals ranging from optimism to downright despair even as official data show recovery
-
Banks can increase their share
Longer opening hours, more locations outside cities and lower charges can help
-
Geepas idea blossomed in Dubai
The journey led from a small shop in Bahrain to a $1.27b company in the UAE
