Mar 7, 2008 5:40 pm US/Eastern
4 Your Money
Jobs Fall Most In Five Years
Pres. Bush Says Economy Is Slowing Down
Federal Reseve Bank Makes More Money Available
UNDATED (CBS4) ―
U.S. jobs fell the most in five years as reported by the labor department on Friday. The U.S. unexpectedly lost jobs in February for the second consecutive month, adding to evidence the economy is in a recession. Pres. Bush says the economy is slowing down, but it will get a boost in the coming year.
FEBRUARY JOB LOSSES
U.S. jobs fell the most in five years as reported by the labor department on Friday. The U.S. unexpectedly lost jobs in February for the second consecutive month, adding to evidence the economy is in a recession. Payrolls fell by 63,000, the most in five years, after a revised decline of 22,000 in January, the Labor Department said today in Washington. The jobless rate dropped to 4.8 percent, reflecting a shrinking labor force as some people gave up looking for work.
BUSH SAYS ECONOMY IS SLOWING
"Losing a job is painful, and I know Americans are concerned about our economy; so am I," said President Bush. "It's clear our economy has slowed."
FEDERAL RESERVE OFFERS MORE CASH
To relieve persistent credit problems, the Federal Reserve announced Friday that it will increase the amount of loans it plans to make available to banks this month to $100 billion. The Fed already has provided a total of $160 billion in short-term loans to cash-strapped banks since December. The Fed, in another step, said it will make $100 billion available to a broad range of financial players through a series of separate transactions.
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