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February Job Losses Worst In Five YearsFebruary Job Losses Worst In Five Years
<a href="http://money.cnn.com/2008/03/07/news/economy/jobs_february/?postversion=2008030709">CNN/Money</a>, <a href="http://www.latimes.com/business/la-fi-jobs8mar08,1,5983290.story">Los Angeles Times</a>
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Another sign of an impending recession: For the second month in a row -- not to mention its fastest pace in five years -- the U.S. economy experienced a decline in jobs.According to the U.S. Department of Labor, 63,000 jobs went the way of the dodo (the net result of those cut vs. added) -- up from 22,000 jobs lost in January. The private sector felt it the worst; hard-hit industries included construction, manufacturing and retail, plus temp agencies cut nearly 28,000 from their payrolls, another warning sign of employers pulling back.
"The world is coming to an end. Yes, you can quote me on that," a chief economist with Investors Security Trust told the L.A. Times.
The Federal Reserve is set to meet March 18 about interest rates, which have already been cut several times. Recession worries also helped push Congress to pass an economic stimulus package in February that included a number of incentives for small businesses.CNN/Money, Los Angeles Times
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