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80,000 Jobs Lost in March

News Flash: 80,000 Jobs Lost in March

This morning, for the third month in a row, the Labor Department announced job-loss numbers that have pushed the national unemployment rate from 4.8 percent to 5.1 percent. That's the highest it's been since 2005 after the Gulf Coast hurricanes and the significant job losses that followed, and the 80,000 jobs lost last month is the most since March 2003. Economists were predicting lower numbers all around, and the actual reported figures imply that the economy has been in a period of contraction for some time.

These negative numbers aren't doing anything to argue against the idea that our economy is already in a recession, and this week Federal Reserve Chairman Ben Bernanke admitted that we could be headed that way. Whether the economy falls into the definition of a recession or not, the fact remains that 80,000 jobs across most sectors were lost last month. There were gains in education, health care, leisure and hospitality, and government, but those positives weren't enough to overcome the huge March losses.

Source

Join The Conversation
meenalaregina meenalaregina 9 years
Hi, Please note that we should pay attention in which sector of the economy the job losses took place. For example, in Canada, we are suffering from shortages of qualified persons in fields that require specialised skills such as ironworks, computer-related fields... etc. Further, in the rural areas, because of the exodus of youth towards the cities, there are labour shortages on farms. Therefore, we should not panic based on the number alone. We must examine the nature of the job losses. In dying areas, such as heavy manufacturing, the loss is inevitable, in Canada at least, because huge sectors of the economy are moving towards service/tertiary-based industries. Note, that our economic structure is somewhat "odd", in that we also have a strong farming sector, even though the majority of the economy is moving toward the tertiary sector. Ladies, remember newspapers love to make a sensational headlines. However, it is our joib as responsible and privileged citizens to separate the wheat from the chafe so to speak. Thanks!
JaimeLeah526 JaimeLeah526 9 years
How can the government say we aren't in a recession? This is horrible. I hope that finding a job isn't going to be hard for me but with all the big retail companies cutting jobs it's not going to be easy around here.
aimeeb aimeeb 9 years
I've been looking for work for about a month. It's horrible.
hotstuff hotstuff 9 years
hmcmcd, I agree! So many people have been looking for so long that they taken themselves out of the job market and don't forget about the cases where unemployment has dried up so the numbers are indeed MUCH HIGHER!
hmcmcd hmcmcd 9 years
And this is just from the people who file unemployment! I personally know of 8 people who are looking for jobs and none of them filed unemployment so the real unemployment rate is probably MUCH higher!
bellaressa bellaressa 9 years
This scares me not just for me but others who are out of work and really not enough work to employee everyone.
cubadog cubadog 9 years
This is why I am thankful I got a job offer this week. My contract may end next Friday but I found something so I am thrilled.
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