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Thursday, Apr 25, 2024

March unemployment rate hits 5.1%

WASHINGTON — The unemployment rate rose past 5% last month and the economy lost more jobs than expected, the Labor Department reported today, deepening the growing consensus among economists that the country is in a recession. The jobless rate reached 5.1% in March, its highest level since the job losses that followed Hurricane Katrina in September 2005. Employers reported that nonfarm payrolls shrank by 80,000 jobs — the sharpest drop in five years. That followed losses of a net 76,000 jobs each in January and February, for a total contraction of 232,000 jobs over three months. Mark Zandi, chief economist for Moody’s Economy.com, said the most worrisome news was not just the losses but the fact that they were spread throughout the economy. For the full story visit http://www.latimes.com/business/la-fi-jobs5apr05,1,4607031.story

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