Employers slashed jobs by 63,000 in February, the most in five years, the starkest sign yet the country is heading dangerously toward recession or is in one already.
The Labor Department's report, released today, also showed that the nation's unemployment rate dipped to 4.8 percent as hundreds of thousands of people -- perhaps discouraged by their prospects -- left the civilian labor force. The jobless rate was 4.9 percent in January.
Job losses were widespread, with hefty cuts coming from construction, manufacturing, retailing and a variety of professional and business services. Those losses swamped gains elsewhere including education and health care, leisure and hospitality, and the government.
Comment: It's odd to see the unemployment rate drop at the same time that job numbers declined. Yes, people left the labor force, but that happens every month.
A 4.8% national unemployment rate is still pretty low, by historical standards. If only Michigan's rate was that low! Of course, if you are the one who is out of work, the unemployment rate is 100%.
SBAM works hard to support fast-growing entrepreneurs, who, research says, create most new jobs. Watch next week for our release of an Entrepreneurial Legislative Agenda. (Michael Rogers)
