Government figures published today show the U.S. economy bled  80,000 jobs in March , the biggest monthly  loss in 5 years,  as U.S. employers cut payrolls for a third month in a row.

The Labor Department also revised figures for January and Febuary to a total of 152,000 from a previous estimate of 85,000. The March unemployment rate jumped to 5.1 percent from 4.8 percent, the highest since a matching rate in September 2005.

The March job losses figure is bleaker than expected. Economists forecast a decline of 60,000 in non-farm payrolls and a rise in the unemployment rate to 5 percent.

During the first quarter of this year job losses averaged 77,000 a month, compared to average monthly gains of 76,000 in the last half of 2007, according to Keith Hall, Bureau of Labor Statistics Commissioner.Job losses were widespread during the month, with the biggest losses in the construction and manufacturing sectors. It's only a matter of time before losses of this magnitude negatively impact on the U.S's huge services sector.

This is all  bad news for Americans  on middle to low incomes who are already struggling with spiralling food and energy prices against a backdrop of mortgage defaults, falling house prices and - a reality inescapably rammed home by the latest payroll figures   -  increasing job insecurity. A Reuters survey of shopping habits showed that families were struggling to pick up the grocery tab between paychecks. 

It's probably time for people to downsize their expectations and huddle together as best they can for more animal-like  security.

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