Economy Loses 80,000 Jobs in March

Washington, DC, April 4, 2008-- Employers slashed 80,000 jobs in March, the most in five years and the third straight month of losses, according to the Labor  Department.

The national unemployment rate also rose from 4.8 percent to 5.1 percent.

The unemployment rate was the highest since September 2005, when major job losses followed the devastating blows of Gulf Coast hurricanes.

Construction, manufacturing, retailing, financial services and various business services saw losses. However, there were gain in education and health care, leisure and hospitality as well as in government.

Job cuts in both January and February turned out to be even deeper than previously reported. Employers shed 76,000 in each month. The drop of 80,000 jobs in March was the most since March 2003.