U.S. employers slash 63,000 jobs in February

Associated Press

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WASHINGTON — Employers slashed 63,000 jobs in February, the most in five years and the starkest sign yet that the country is heading dangerously toward recession or is in one already.

AP

The Labor Department’s report, released Friday, also indicated 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, financial services and a variety of professional and business services. Those losses swamped gains elsewhere, including education and health care, leisure and hospitality and the government.

The latest snapshot of the nation’s employment climate underscored the heavy toll of the housing and credit crises on companies, jobseekers and the overall economy.

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TONIGHT Business columnist Cheryl Hall will discuss her recent series on the millennial generation on "Think Friday" at 7:30 p.m. Friday on KERA-TV (Channel 13). The show will air again Sunday at 11:30 a.m. or can be heard at 5 p.m. Sunday on KERA-FM (90.1).