According to <i>The New York Times</i>, employers slashed 80,000 jobs in March.
Well, I'm just a font of joy this morning, aren't I? According to The New York Times, employers slashed 80,000 jobs in March alone. This figure is the highest since March 2003, when the labor market was still struggling to recover from the 2001 recession.
From the NYT piece:
Federal Reserve chairman Ben S. Bernanke has said he is hopeful the economy will improve in the second half of this year, helped by the government's $168 billion stimulus package of tax rebates for people and tax breaks for businesses, as well as the Fed's rate reductions.
Still, even Mr. Bernanke predicted this week that the unemployment rate would rise in the months ahead. Some analysts say it could climb to 5.5 percent or higher by year's end.
If you need me, I'll be in a fetal position underneath my desk.