Economy loses 80,000 jobs in March; unemployment at 5.1%
CBS
Transcript
The latest jobs report reinforces what many Americans believe. We're already in a recession. The economy lost 80,000 jobs in March, the most in 5 years. The unemployment rate rose to 5.1%, the highest since Hurricane Katrina in 2005. And analysts predict unemployment could top 5 a 12% by the end of the year. Wall Street shrugged off that dismal jobs report. The Dow fell a modest 16 points while the Nasdaq finished nearly eight points higher. There is now nearly a national consensus that the country faces significant problems. A CBS News New York Times poll shows more than 80% of Americans believe the country is headed in the wrong direction. 14% think we're headed in the right direction. That's an all-time low in the 25 years CBS News has been asking the question. And Northwest Airlines is tightening its belt. The carrier is raising fairs, cutting its domestic flight schedule by 5%, and implementing a hiring freeze as it battles soaring fuel costs. iTunes is the biggest music store in the US. Apple says its online music store has surpassed Walmart in music sales. iTunes has sold over 4 billion songs in the less than 5 years it's been in business. That's your moneywatch. Log on to cbsnews.com for more. In New York, I'm Alexis Christopherus.