Over 650,000 Jobs Cut in February

March 6, 2009 12:00:00 AM PST
The nation's jobless report is out Friday morning. February was the worst month in decades. More than 650,000 jobs were cut bringing unemployment up to 8.1 percent.But President Obama said his economic rescue plan is working.

Americans continue to lose their jobs at an alarming rate. Jobless figures due out later this morning are expected to show the single biggest job loss in almost 60 years. Economists predict as many as 648,000 people had their jobs cut last month.

"It's a crisis that requires us to take swift and aggressive action to put Americans back to work," said President Obama.

But a place where jobs are being saved is at the Columbus, Ohio Police Department where president Obama travels Friday to attend the graduation of the newest members of the force. The mayor credits the stimulus for reversing the decision to cut 25 positions.

"I never really dreamed that it would directly get me my job back," said Officer William Scott with the Columbus, Ohio Police.

William Scott said he and his classmates are glad they will be able to keep their jobs and that the stimulus will help save other jobs in his community.

It's a message the White House continues to drive home: that President Obama 's plans to turn around the failing economy are beginning to work.

But Wall Street investors remain skeptical. The DOW fell to a new 12 year low prompted in part by the grim outlook for General Motors, from auditors about the chances of bankruptcy.

"Our focus right now is taking the restructuring actions we need to accomplish this out of court," said Rick Wagoner with General Motors.

And a GM bankruptcy could mean more job cuts for GM's 240,000 employees.

Employers that are seeing their profits take a hit in this economy aren't just cutting jobs. They're slashing costs by trimming worker's hours, freezing wages, and cutting pay.

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