US Economy: Jobs plunge by 63,000, worst since 2003; Fed steps in - by Barbara Hagenbaugh
Employers cut jobs for a second month in February while the unemployment rate fell as more people quit looking for work in the weakening job market, the government said Friday in a report that led to further calls of a 2008 recession. The Federal Reserve, shortly before the report was released, underscored its concern for the economy by saying it will pump more cash into financial markets to try to ease credit. The Fed said it will raise its planned March 10 and March 24 auctions to $50 billion each, from $30 billion it had previously announced. The auctions serve as short-term loans to get banks the cash they need to keep lending.
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