BusinessApril 16, 2001
MEMO: NATIONAL JOBLESS RATE INCHES UP IN MARCH
The nation's unemployment rate inched up to a 20-month high of 4.3 percent in March as businesses cut the most jobs in a decade -- signs that churned fresh recession anxiety for Wall Street and the Bush administration. The government's latest snapshot of employment Friday underscored how the weakened economy is taking its toll on the labor market. In Washington, the administration continued its push for the president's tax plan, which it says is needed to deal with recession dangers...
The nation's unemployment rate inched up to a 20-month high of 4.3 percent in March as businesses cut the most jobs in a decade -- signs that churned fresh recession anxiety for Wall Street and the Bush administration.
The government's latest snapshot of employment Friday underscored how the weakened economy is taking its toll on the labor market. In Washington, the administration continued its push for the president's tax plan, which it says is needed to deal with recession dangers.
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"We're on the edge of recession," said Stuart Hoffman, chief economist with PNC Financial Services. He said of the unemployment figures, "This is not conclusive proof that we've fallen over the edge. It is a reminder of how close we are."
The jobless rate rose 0.1 percentage point from February, the Labor Department reported. The rate last stood at 4.3 percent in June and July of 1999.
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