February's job report is in and it isn't pretty. The economy lost 63,000 jobs last month. The jobs report for January was revised downward to a minus 22,000 jobs so the economy has lost over 80,000 jobs already this year. The IHTquotes economist Jared Bernstein as saying he hasn't "seen a job report this recessionary since the last recession."
The economy shed 63,000 jobs in February, the government said Friday, the fastest falloff in five years and the strongest evidence yet that the nation is headed toward - or may already be in - a recession.
Manufacturers and construction companies, reeling from the worst housing slump in decades, led the declines in payrolls. But the losses were spread across a broad range of businesses - including department stores, offices and retail outlets - putting increased pressure on consumers' pocketbooks.
The unexpected decline raised anticipation on Wall Street that the Federal Reserve would lower interest rates again this month, perhaps by as much as a full percentage point, as the central bank scrambles to stave off a steep economic slowdown.
"I haven't seen a job report this recessionary since the last recession," said Jared Bernstein, an economist at the Economic Policy Institute in Washington. "This is a picture of a labor market becoming clearly infected by the contagion from the rest of the economy."
Unless there is a big positive number in March then the first quarter is going be negative for job growth. You can see the February, 2008 jobs report from the BLS here.
