Friday, February 01, 2008

I Took The Under

Mrs. Atrios can vouch for me, though I forgot to post. And the unders win!

U.S. employers unexpectedly cut 17,000 non-farm jobs in January, the first time in nearly 4-1/2 years that U.S. payrolls shrank as fading construction and manufacturing sectors reflected the economy's waning momentum.

The Labor Department report on Friday came in much weaker than anticipated by analysts surveyed by Reuters, who had forecast 80,000 jobs would be added last month. The department revised December's new-job total up to 82,000 from 18,000 but the hiring trend clearly was fading as 2007 ended.