U.S. 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. The new snapshot of the job market, released by the Labor Department on Friday, underscored the damage that a trio of crises — in the housing, credit and financial sectors — has inflicted on companies, jobseekers and the economy as a whole.

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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- Posted: 2008-04-04 09:04:52

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