U.S. bleeds jobs in March

U.S. employers slashed jobs for the third consecutive month in March, and the unemployment rate rose to a nearly three-year high. The U.S. economy shed 80,000 jobs for the month, part of the longest period of decline since early 2003, according to a Department of Labor monthly report. The report revised payrolls downward in January and February by a cumulative 67,000. For the first three months of the year, the economy lost 232,000 jobs. The national employment rate increased to 5.1% last month, from 4.8% in February, the highest level since September 2005 in the aftermath of Hurricane Katrina. The manufacturing sector cut 48,000 jobs last month, marking the largest drop in the sector since 2003. Jobs in the construction, business services and retail sectors fell last month by 51,000, 35,000 and 12,000, respectively. Two bright lights for the month were in the health-care sector, which added 42,000 new positions, and the government sector, which added 18,000 new jobs. Meanwhile, the average hourly wage for the month grew 5 cents, or 0.3%, to $17.86, representing a 3.6% rise in the past year, according to the Labor Department.