Labor & Economic News Blog


Thursday, April 10, 2008

Jobs May Take a Smaller Hit This Time

Jobs May Take a Smaller Hit This Time
BusinessWeek Online - The March employment report was generally expected to be consistent with early-recession patterns seen in the past. Sure enough, no surprises: The unemployment rate spiked from 4.8% to 5.1%. Payrolls dropped by 80,000 workers, with January and February jobs revised down by a total of 67,000. And private-sector employment has shrunk for four months in a row. From this point on, if history is any guide, it only gets worse. Even in the past two mild recessions, each of which lasted only eight months, payrolls went on to post monthly losses exceeding 200,000, and the unemployment rate topped out ...

 



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