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.Employers Slash Jobs by Most in 5 Years
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.
President Bush said Friday that "it's clear our economy has slowed" and tried to reassure an anxious public that the long-term outlook is good.
"Losing a job is painful and I know Americans are concerned about our economy. So am I," Bush said during a hastily arranged White House appearance on the heels of a gloomy government economic report.
"I know this is a difficult time for our economy," he said. "But we recognized the problem early and we provided the economy with a booster shot."
Bush: 'It's Clear' Economy Has Slowed
So, the Chimp finally begins to hint at a reality that we all have known for quite some time. Yet, he holds to his assertion that his tax breaks for the rich will be the knight in shining armor to come galloping to the rescue. Even as the market continues to tumble below 12000. Yeah, right!
Can any one spell d-e-p-r-e-s-s-i-o-n?
