Non Farms Payrolls, A Clueless Disaster
Bad enough yesterdays initial claims jumped to 407K, confirmation of the economic malaise and spillover from the housing debacle continued today.
The U.S. cut the most workers in five years last month, signaling that the economic contraction is deepening.
Payrolls shrank by 80,000, more than forecast and the third monthly decline.
February job loss was revised up 13K from 63K to 76K. Factory jobs -48K; Automotive -24K; Construction - 51K; Retail -12K; Service +13K.
Private employers cut 98,000 workers, the fourth straight monthly decline. The jobless rate rose to 5.1%.
Clueless Edward Lazear, chairman of Bush's Council of Economic Advisers:
"I don't focus too much on the monthly unemployment rate because it has been a bit volatile."
The U.S. cut the most workers in five years last month, signaling that the economic contraction is deepening.
Payrolls shrank by 80,000, more than forecast and the third monthly decline.
February job loss was revised up 13K from 63K to 76K. Factory jobs -48K; Automotive -24K; Construction - 51K; Retail -12K; Service +13K.
Private employers cut 98,000 workers, the fourth straight monthly decline. The jobless rate rose to 5.1%.
Clueless Edward Lazear, chairman of Bush's Council of Economic Advisers:
"I don't focus too much on the monthly unemployment rate because it has been a bit volatile."
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