It's the worst job news in five years as U.S. employers make the deepest job cuts since
March 2003.
The Labor Department announced today that there was a net loss of 63,000 jobs. The
private sector actually cut more than 100,000 jobs, but the difference was a strong
increase in government hiring.
Amazingly, some economists (not sure what party affiliation or planet they live on)
had been predicting a 25,000 increase in jobs; probably the same economists who
say we are not in a recession.
Workers felt cuts in just about all industries. Construction and manufacturing continued bleeding
losses badly, but job cuts also occurred in financial services, retailing, hospitality, and temporary staffing firms.
Some job gains were seen in education and healthcare.
Today's report also showed that JanuaryÕs job losses were worse than first reported.
Employers cut 22,000 jobs -- not 17,000. It was the first monthly back-to-back job
losses since May and June 2003.
Should you be worried about your job? It's niot panic time, certainly, but if you work
for a company that is sufering weaker profits -- or losses -- from the weak ecoonomy you
should certainly be doing everything you can to protect your job while possibly looking
for better opportunities.
Even though we have published this link fairly recently, we cannot stress enough the
importance of following the strategies in this article published on Quintessential
Careers: Seven Strategies to
Recession-Proof Your Career: Build Your Future Regardless of Health of the Economy.
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