Job market shows signs of slow down
A jobs report released recently showed the highest level of job loss in the U.S. in five years, raising more alarms that the country is in a recession. The Bureau of Labor Statistics reported a loss of 80,000 jobs in March, significantly higher than the 50,000 drop economists were expecting. Nationwide, the unemployment rate rose from 4.8 percent to 5.1 percent. That’s the highest level since Hurricane Katrina, and it’s expected to continue climbing.
“We’re expecting the unemployment rate to rise to as much as five and a half percent over the course of the first half of 2008, and I think we have to put that in perspective,” said Tig Gilliam, CEO of staffing firm Addeco. The increase brings the total number of jobs lost this year to 232,000 and shows that there were significantly more Americans out of work and unable to find a job in March, an expected result of a significant economic slowdown that has employers scaling back their expansion plans.
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