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Job losses: Worst in 5 years
CNN ^ | March 7, 2008 | Chris Isidore

Posted on 03/07/2008 12:50:44 PM PST by NoWayMcCain

NEW YORK (CNNMoney.com) -- Employers made their deepest cut in staffing in almost five years in February, the Labor Department reported Friday.

There was a net loss of 63,000 jobs, which is the biggest decline since March 2003 and weaker than the revised 22,000 jobs lost in January. Economists had forecast a gain of 25,000 jobs.

The weak report fueled already mounting recession fears and is likely to keep the Federal Reserve cutting interest rates further when it meets later this month.

"Based on today's Employment Report, if we are not in a recession, it is a darned good imitation of one," said Kevin Giddis, managing director of fixed income at Morgan Keegan. "We are in an unprecedented real estate and credit crisis that is whipping its way through the U.S. economy like a Midwestern tornado."

(Excerpt) Read more at money.cnn.com ...


TOPICS: Business/Economy; Culture/Society
KEYWORDS: busheconomy; economy; thebusheconomy
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1 posted on 03/07/2008 12:50:44 PM PST by NoWayMcCain
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To: NoWayMcCain

No where in that first paragraph do you see that unemployement fell to 4.8% (beyond full employment).

But that would be going against the newsmedia talking down the economy.


2 posted on 03/07/2008 12:52:26 PM PST by Perdogg
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To: Perdogg

Considering we have gone a record time for job increases this sounds worse than it is...


3 posted on 03/07/2008 12:53:59 PM PST by conservativehusker (GO BIG RED!!!!)
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To: Perdogg
No where in that first paragraph do you see that unemployement fell to 4.8% (beyond full employment).

It's posted just under the headline.

http://money.cnn.com/2008/03/07/news/economy/jobs_february/?postversion=2008030711

Job losses: Worst in 5 years
Payrolls sink in February, fueling recession anxiety. Unemployment rate declines, but that's because there are fewer people in the workforce.

4 posted on 03/07/2008 12:55:08 PM PST by NoWayMcCain (Proud Tancredo supporter who will not be voting for McCain while still living in a 'safe state'.)
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To: NoWayMcCain

Ummm.... still better than when Clinton was in office, less than 7.5 %. Why compare BEST to less than best? If we are in a recession now, we must have been in a DEPPRESION during Clinton. The media is really trying to get to a “ It’s the Economy, Stupid.” moment to downplay Bush’s legacy.


5 posted on 03/07/2008 12:55:46 PM PST by Safetgiver (Lord, I'll give to the poor when they stop wanting to be poor.)
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To: NoWayMcCain

Fewer people in the work force, how do they eat?


6 posted on 03/07/2008 12:57:19 PM PST by Perdogg
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To: Perdogg
“No where in that first paragraph do you see that unemployement fell to 4.8% (beyond full employment).”

And no where do you read about how many of those job losses were not in the public sector but in Government jobs, which is not a bad thing if those numbers fall.

7 posted on 03/07/2008 12:57:55 PM PST by NavyCanDo
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To: NoWayMcCain
...always look on the bright side of life...
8 posted on 03/07/2008 12:58:51 PM PST by murphE (I refuse to choose evil, even if it is the lesser of two.)
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To: NoWayMcCain
* Construction Jobs Fell 39,000
* Manufacturing Jobs Fell 52,000
* Goods Producing Jobs Fell 89,000
* Private Sector Jobs Fell 101,000
* Government Jobs Rose 38,000

Oh joy, more Gov’t jobs.

9 posted on 03/07/2008 12:58:55 PM PST by BGHater ($2300 is the limit of your Free Speech.)
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To: NoWayMcCain

Half of them laid off by Hillary Klinton’s campaign.


10 posted on 03/07/2008 12:59:16 PM PST by The_Republican (You know why Chelsea Clinton is so Ugly? Because Janet Reno is her Father! LOL! - Mac is Back!)
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To: NoWayMcCain
CNN during Bush:
"Despite the loss, the unemployment rate improved to 4.8% from the 4.9% reading in January. Economists had forecast the unemployment rate would rise to 5%."

vs CNN during Clinton:
July 5, 1996 WASHINGTON (CNN) -- Economists didn't expect June's unemployment rate to be much different from May's, which was an already-low 5.6 percent.

5.6 is already low under clinton. 4.9 is something you improve from under Bush.

11 posted on 03/07/2008 1:00:49 PM PST by icwhatudo
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To: NavyCanDo; BGHater
And no where do you read about how many of those job losses were not in the public sector but in Government jobs, which is not a bad thing if those numbers fall.

See BGHater's #9.

12 posted on 03/07/2008 1:00:55 PM PST by NoWayMcCain (Proud Tancredo supporter who will not be voting for McCain while still living in a 'safe state'.)
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To: icwhatudo
The big picture....

Still better then nearly all of the last 38 years.

13 posted on 03/07/2008 1:03:28 PM PST by Names Ash Housewares
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To: The_Republican

Or by mortage lenders who made bad loans.


14 posted on 03/07/2008 1:03:38 PM PST by Perdogg
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To: NoWayMcCain
"The weak report fueled already mounting recession fears and is likely to keep the Federal Reserve cutting interest rates further when it meets later this month."

Why don't they just go ahead and make interest rates 0.00, and be done with it? /sarc

15 posted on 03/07/2008 1:07:47 PM PST by KoRn (CTHULHU '08 - I won't settle for a lesser evil any longer!)
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To: BGHater

Well, the answer is clear, we just need more Government jobs, so everyone can work!


16 posted on 03/07/2008 1:08:20 PM PST by Rush4U (unnamed source)
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To: NoWayMcCain

Bass Pro Shops cleaned out its design department today with the exception of 5 people. Bass Pro is feeling the pinch like most retailers are. But everything is fine isn’t it? Ask those people who got the axe.


17 posted on 03/07/2008 1:09:06 PM PST by em2vn
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To: KoRn

They did in Japan a couple of years ago.


18 posted on 03/07/2008 1:09:46 PM PST by Perdogg
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To: em2vn
Bass Pro Shops cleaned out its design department today with the exception of 5 people.

Design ... product or advertising?

19 posted on 03/07/2008 1:10:53 PM PST by RegulatorCountry
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To: NoWayMcCain

Excellent! Time for $110.00 oil.

Yowza!


20 posted on 03/07/2008 1:12:53 PM PST by headstamp 2 (Been here before)
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