The U.S.economic meltdown: Economy Shed 80,000 Jobs in March
Employers worried about recession slashed 80,000 jobs in March, the most in five years and the third consecutive month of losses. At the same time, the national unemployment rate rose to 5.1 percent from 4.8 percent, the clearest signal yet that the economy might already be contracting. Job losses were widespread in March. Construction, manufacturing, retailing, financial services and various business services all racked up losses. That overwhelmed gains elsewhere, including in education and health care, leisure and hospitality as well as in government. The unemployment rate was the highest since September 2005, when significant job losses followed the devastating blows of Gulf Coast hurricanes.
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