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Payrolls Drop for 1st Time Since 2003
Feb 1, 12:19 PM (ET)
By JEANNINE AVERSA
(AP) Mylene Barizo, left, a recruiting manager for Enterprise Rent-a-Car in Washington and Alaska,...
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WASHINGTON (AP) - Nervous employers cut 17,000 jobs in January - the first such reduction in more than four years and a fresh sign that the economy is in danger of stalling.
The Labor Department's report, released Friday, also showed that the unemployment rate dipped slightly to 4.9 percent, from 5 percent, as the civilian labor force shrank slightly.
Job losses were widespread. Manufacturers, construction firms and a variety of professional and business services eliminated jobs in January - reflecting the toll of the housing and credit debacles. The government cut jobs, too. All those cuts swamped job gains in education, health care, retailing and elsewhere.
Wage growth also slowed, another indication that employers are tightening their belts amid the economic slowdown.
Pointing to the drop in jobs, President Bush prodded Congress to quickly pass an economic rescue package. The president said there are "serious signs that the economy is weakening, and we've got to do something about it."
On Wall Street, stocks eked out a gain. The Dow Jones industrials were up around 20 points in morning trading.
The unemployment rate declined from 5 percent in December to 4.9 percent in January. The jobless rate - calculated from a different statistical survey than the payroll figures - dipped as people, perhaps discouraged by their prospects, left the labor force for any number of reasons.
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Underscoring the depths of the housing slump, spending by private builders on residential projects last year plunged by a record 18.3 percent, the Commerce Department reported. Spending on all construction projects by both private builders and the government fell by 2.6 percent last year, also the biggest drop ever in records dating back to 1993.
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On the jobs front, economists were predicting employers would boost payrolls by around 70,000, and that the unemployment rate would stay at 5 percent.
~
The 17,000 drop was in total payrolls - both government and private employers - in January. The government sliced 18,000 positions, while private employers added just 1,000 jobs.
http://apnews.myway.com/article/20080201/D8UHLAAG2.html
Feb 1, 12:19 PM (ET)
By JEANNINE AVERSA
(AP) Mylene Barizo, left, a recruiting manager for Enterprise Rent-a-Car in Washington and Alaska,...
Full Image
Google sponsored links
Economic Recession Looms - 3 Sure Ways To Survive & Prosper in an Economic Downturn. New Report.
www.WealthDaily.com/Recessio
Fed Killing the Dollar? - Learn How to Profit From the Credit Crisis! Multiply Money up to 30x
MoneyAndMarkets.com
WASHINGTON (AP) - Nervous employers cut 17,000 jobs in January - the first such reduction in more than four years and a fresh sign that the economy is in danger of stalling.
The Labor Department's report, released Friday, also showed that the unemployment rate dipped slightly to 4.9 percent, from 5 percent, as the civilian labor force shrank slightly.
Job losses were widespread. Manufacturers, construction firms and a variety of professional and business services eliminated jobs in January - reflecting the toll of the housing and credit debacles. The government cut jobs, too. All those cuts swamped job gains in education, health care, retailing and elsewhere.
Wage growth also slowed, another indication that employers are tightening their belts amid the economic slowdown.
Pointing to the drop in jobs, President Bush prodded Congress to quickly pass an economic rescue package. The president said there are "serious signs that the economy is weakening, and we've got to do something about it."
On Wall Street, stocks eked out a gain. The Dow Jones industrials were up around 20 points in morning trading.
The unemployment rate declined from 5 percent in December to 4.9 percent in January. The jobless rate - calculated from a different statistical survey than the payroll figures - dipped as people, perhaps discouraged by their prospects, left the labor force for any number of reasons.
~
Underscoring the depths of the housing slump, spending by private builders on residential projects last year plunged by a record 18.3 percent, the Commerce Department reported. Spending on all construction projects by both private builders and the government fell by 2.6 percent last year, also the biggest drop ever in records dating back to 1993.
~
On the jobs front, economists were predicting employers would boost payrolls by around 70,000, and that the unemployment rate would stay at 5 percent.
~
The 17,000 drop was in total payrolls - both government and private employers - in January. The government sliced 18,000 positions, while private employers added just 1,000 jobs.
http://apnews.myway.com/article/20080201/D8UHLAAG2.html
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