Friday, March 07, 2008

63,000 Pink Slips

America lost 63,000 jobs last month -- the most in five years. So why did the unemployment rate dip to just 4.8%? Analysts say it's because hundreds of thousands of people are so discouraged about the job market they simply gave up looking. From the Associated Press:

"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."
Analysts blame the housing and credit crisis for losses. (AP)

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