The United States shed 63,000 jobs in February, the most in five years and fuelling speculation that the world's largest economy may have already entered a recession, the Labour Department said Friday, according to dpa. The unemployment rate dipped slightly to 4.8 per cent on the month due to a contraction in the labour force. The department reported a revised 22,000 jobs lost in January, when unemployment stood at 4.9 per cent. Analysts had predicted an increase in jobs of 23,000 and a jobless rate of 5 per cent for February, Bloomberg News reported. The new data will likely increase pressure on the Federal Reserve to lower interest rates at its next meeting on March 18 by as much as 0.75 points. The Fed twice slashed its benchmark rate in January by a combined 1.25 points to 3 per cent. The Labour Department said employment fell in the manufacturing, construction, and retail sectors while jobs were added in health care and food services.
