Marcy Kaptur: “since 2000, our Nation has lost over 3,400,000 more manufacturing jobs. In fact, the job creation record of the Bush…”

“since 2000, our Nation has lost over 3,400,000 more manufacturing jobs. In fact, the job creation record of the Bush administration is the worst since the Hoover administration. The figures released by the U.S. Department of Labor last week posted the largest job loss in 5 years. The report was much weaker than expected, and, strangely, the unemployment rate declined because there were fewer people in the workforce. CNN's Moneyline reported that employers made their deepest cuts in staffing in almost 5 years in February. There was a net loss of 63,000 more jobs, which is the biggest decline since March 2003, and weaker than the revised 22,000 job loss reported for January. The job loss was widespread, reaching beyond the battered construction industry, which lost 39,000 jobs, and manufacturing, where job losses hit 52,000. Retailers cut 34,000 jobs while business and professional service cut 20,000 jobs. Temporary staffing firms cut nearly 28,000 jobs off their payrolls, another warning sign of employers pulling back, and hotels cut about 4,000 jobs, a sign that discretionary consumer spending could be on the wane. Overall, the private sector cut over 101,000 jobs according to the CNN Moneyline report. The widening recession in almost every sector, not just the goods-producing sector, is extraordinarily important.”