Forecasts prior to the announcement were for a soft 70,000+ new jobs though the results were much, much worse. The US economy is going in reverse thanks to years of Republican policies. The economic boom that most never experienced (outside of the board rooms) is crashing down. The unlucky Americans who never bounced back from the last Bush recession are sinking even lower. The new report says 17,000 jobs were cut. Meanwhile, oil prices are booming and wages are softening. This all translates into stagflation.
Job losses were widespread. Manufacturers, construction firms and a variety of professional and business services eliminated jobs in January — reflecting the toll of the housing and credit debacles. The government cut jobs, too. All those cuts swamped job gains in education, health care, retailing and elsewhere.
Wage growth also slowed, another indication that employers are tightening their belts amid the economic slowdown.
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