Employers cut 533,000 jobs last month — the most in 34 years. Hikes unemployment rate from 6.5% to 6.7%.
AP: “Dramatic proof the country is careening deeper into recession.”
NY Times: Promises “to make the current recession, already 12 months old, the longest since the Great Depression.”
WSJ: Figures “support expectations that Federal Reserve officials will soon lower interest rates to levels not seen in a half century.”