January's surprise decline in the U.S. job market was the first such loss in more than four years and signals that widespread recession worries going into 2008 are well-founded.
The Labor Department reported Friday that nonfarm payrolls declined in the first month of the year by 17,000 -- the first such decline since August of 2003. Economists on Wall Street were forecasting an increase of 65,000.
Job losses were widespread across sectors like manufacturing, construction and finance, suggesting that the recent declines in the U.S. housing market -- unlike any on record since World War II -- are causing economic woes across the board throughout the nation. So for you 08 graduates, finance and banking positions may not be the best look.
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