U.S. employers cut back their hiring in March for the third straight month, a clear sign that pessimism about the near-term economic outlook was justified, government data released on Friday showed.
Nonfarm payrolls fell by an estimated 80,000 in March, the Labor Department said. This is the largest decline since March 2003.
The nation's unemployment rate surged to 5.1%, the highest since September 2005.
The decline in payrolls was weaker than the 60,000 decrease that had been expected by Wall Street economists
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