As if January wasn’t bad enough with 22,000 job cuts, the February report showed job cuts of 63,000 marking two months in a row in declines. Most of the big cuts came from construction , manufacturing, retailing , financial services and a variety of professional and business services.
With a total of $160 billion short-term loans provided to banks since December, the Federal Reserve announced that it will increase the amount of loans it will make this month to $100 billion.
In response, Federal Reserve Chairman Ben Bernanke indicated that he is prepared to lower interest rates at their next meeting to help continue to give the economy a boost. Some economists are estimating a .75% cut.
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Employers slash jobs by Most in 5 Years – Associated Press