US Labor Report: Payroll Drops, First Dip Since 2003
The US Labor Department reported that U.S. employers cut 17,000 non-farm jobs in January, the first time in nearly 4-1/2 years that U.S. payrolls dropped as continuing losses in construction and manufacturing reflected the economy's slowdown.
January marked the first job losses since August 2003 and some analysts said it painted a picture of declining economy.
"We are on the brink of a recession now," said Daniel North, chief economist for Euler Hermes ACI in Owings Mill, Maryland. "The job market is always a lagging indicator. This is a nail-in-coffin."
The report shocked financial markets.
Published on February 1, 2008
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