Payrolls sink in February, fueling recession anxiety. Unemployment rate declines, but that's because there are fewer people in the workforce.

NEW YORK (CNNMoney.com) -- Employers made their deepest cut in staffing in almost five years in February, according to a closely watched government report that showed the labor market to be far weaker than expected.

The weak report fueled already mounting recession fears and is likely to influence the Federal Reserve's decision on interest rates later this month.

There was a net loss of 63,000 jobs, according to the Labor Department, which is the biggest decline since March 2003 and weaker than the revised 22,000 jobs lost in January. Economists surveyed by Briefing.com had forecast a gain of 25,000 jobs in the most recent reading.

"These poor jobs data are the strongest evidence yet that the economy has slipped into a recession of uncertain depth and duration," University of Maryland Professor Peter Morici said.

Job losses were widespread, reaching beyond the battered construction sector, which lost 39,000 and manufacturing, where job losses hit 52,000. Retailers cut 34,000 jobs, while business and professional services cut 20,000 jobs.

Job losses worst in five years - Mar. 7, 2008
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Wait, I thought Bush was saying that the employment rates were good...

They ARE good...They aren't the best ever, but the current rate is still well within the "good" margin...

Just like society, business is spoiled...They've had it so good with the unemplyment rate for the last decade that when it ticks up a notch, paranoia sets in as if the world is collapsing...

You've seen it before in the business industry...Like when a business PROJECTS a $500 million dollar profit, but when the numbers actually come in, they find they've made $400 million dollars instead...They consider it a "bad year" and the CEO gets fired...absurd if you ask me...

When Clinton was president, unemployment below 6% was considered a miracle and Clinton was hailed as a god...

But it's Bush, so the same unemployment rate under 6% is seen as devestating...

__________________
"You get the respect that you give" - cnredd

I just have 50% of my home unemployed right now.. so yes it is frustrating...

And just how do you directly blame the president and not the market?...

__________________
"You get the respect that you give" - cnredd