Saturday, February 2, 2008

Job Lost for First Time Since 2003

A crucial pillar of the country's economic well being has cracked. U.S. employment cut jobs last month for the first time in more than four years, a shower of pink slips that was the starkest signal yet the economy is grinding to a halt if it hasn't already toppled into recession. Conditions are deteriorating, according to the latest employment snapshot by the Labor Department, which showed nervous employers slicing payrolls by 17,000. The country hadn't seen such a nationwide job loss since 2003, when employers were still struggling to recover from the last recession. the 17,000 drop was in total payrolls, both government and private employers, in January, the first monthly decline since August 2003. The government sliced 18,000 positions, while private employers added just 1,000, the fewest in nearly a year. By Jeannine Aversa, AP Economics Writer.

Loosing 17,000 jobs in one month and the economy is coming to a halt? This is the first decline in 52 months and it's only 17,000, when we have a working population of multiple millions. When you read this article you get the idea that private employers are cutting jobs when it was the government that cut 18,000 jobs. Private employers added just 1,000 jobs in January, the fewest in nearly a year, so this has happen before. Some say the economy nearly stalled in the final three months of last year, stall means stop. And some economists believe it may actually be shrinking now. Some people love negative news and want to see the worst behind everything especially when they have agenda. The last words of the article, Bush said, "We're just in a rough patch, and I'm confident we can get through this rough patch." I believe this is the truth and we will get through this slow down and we don't need a Democrat, like Jimmy Carter, to make it worst.

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