Unemployment Grows for Third Month in a Row
- Apr 04, 2008
Washington, D.C.–The economy lost 80,000 jobs last month–the third consecutive rise in unemployment, the Labor Department said Friday.Sudden declines in the manufacturing and construction sectors influenced the biggest drop in five years, the New York Times said.The unemployment rate rose from 4.8 percent to 5.1 percent, its highest level since 2005. In addition, employers eliminated 76,000 jobs in January and February–more than originally estimated.Wage increases are still behind inflation–which means many employees are actually making less now than they were a year ago. The new caused concern that the U.S. could fall into–or already may be in–a recession. In the last 50 years, a recession has followed employment declines like the ones that have occurred in recent months, the Times said.