Biggest Job Losses in 5 Years - Not Good.

We lost 80,000 jobs in the latest payroll reports as unemployment spiked to 5.1% the highest in two and a half years.  The 80,000 jobs lost was the biggest single contraction of the job market in five years.

From Market Watch on the dismal job numbers:

In employment data that would seem worthy of the name recession, the government reported Friday the steepest monthly job losses in five years as well as a spike in the unemployment rate for March.

The report confirms widespread pessimism about the near-term economic outlook.

Nonfarm payrolls fell by an estimated 80,000 in March, the Labor Department said. It marked the largest decline seen since March 2003, underscoring how reluctant employers remain to committing to making new hires.

Private-sector payrolls have now declined for four consecutive months, the data showed. Read full survey.

The nation’s unemployment rate surged to 5.1% last month, the highest since September 2005.

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