Employers cut 80,000 jobs in March, most in 5yrs

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WASHINGTON -- Employers buffeted by talk of a recession slashed 80,000 payroll jobs in March, the most in five years and the third straight month of losses. The unemployment rate jumped to 5.1%

The new employment figures sounded the loudest warning yet that the country could well be in a recession.

The Labor Department reported that the seasonally adjusted civilian unemployment rate jumped from 4.8% in February to 5.1% in March. Though the figure is relatively moderate by historical standards, it was nonetheless the highest since September 2005, a time of job losses related to the devastating blows of Gulf Coast hurricanes.

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