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February Job Losses Worst in Five Years

News Flash: Job Losses Worst in Five Years


Analysts are interpreting the recent Labor Department reports as an obviously weakening US job market. The 63,000 jobs cut in February made it the worst month for job loss in five years, and the cuts were a noticeable increase from January's cuts that amounted to 22,000. Job losses were spread across multiple industries —factories, construction companies, mortgage brokers, real-estate firms, retailers, temporary-help firms, child day-care providers, hotels, educational services, accounting firms and computer designers were all part of the 63,000. In reaction to the report, President Bush said, "It's clear our economy has slowed," but he's relying on the economic stimulus to generate growth in the coming months.

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