The unemployment report out today gives more evidence that the economy is probably headed toward a recession.The BLS says the economy lost 80.000 jobs last month - the third monthly decline in a row:The new snapshot of the job market, released by the Labor Department Friday, underscored the damage that a trio of crises _in the housing, credit and financial sectors — has inflicted on companies, jobseekers and the economy as a whole. "The labor market has indeed turned south," said Joel Naroff, president of Naroff Economic Advisors. "That was the one last bastion of hope to stay out of a recession. Now the question is how deep and how long will it last?" The unemployment rate was the highest since September 2005, when significant job losses followed the devastating blows of Gulf Coast hurricanes.Revised figures for January and February also show more significant job losses - 76,000 for each month. And the losses appeared across the board in all sectors of the...(Read Full Post)