If the job market seemed soft a month ago, these days it appears softer still.
Late last week the Labor Department reported the unemployment rate rose from 4.8 to 5.1 percent in March, and nonfarm payroll employment was down 80,000 jobs. According to a Bureau of Labor Statistics release:
In March, employment continued to fall in construction, manufacturing, and employment services, while health care, food services, and mining added jobs.
The Wall Street Journal notes the job losses are the largest in five years and the third consecutive monthly decline:
Also, revised data showed that employers cut 76,000 jobs in both January and February, more than previously thought. Together, the numbers offer the most persuasive evidence yet that the economy has slipped into a recession.
Even former Federal Reserve Chairman Alan Greenspan says the recession has arrived.
Is there any good news?