Job Losses and Business Startups Hit Record Lows
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The Bureau of Labor Statistics (BLS) announced today that job losses in the first quarter of 2011 hit a record low. In the first quarter, employers eliminated the fewest jobs since the BLS began keeping track two decades ago. Job losses are now one-sixth below their pre-recession levels. Workers with jobs are less likely to lose them now than before the recession began.
This sounds absurd. At the start of the recession, the news was filled with stories of companies going bankrupt. The unemployment rate stands at 9 percent. Record-low job losses seem impossible.
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