On April 6, 2001, the U.S. Bureau of Labor Statistics reported that 86,000 workers lost their jobs in March. It was the largest job loss since the recession of 1991.

This is devastating news for U.S. workers, and the economy and stock market alike. The Wall Street gurus who are in the business of forecasting such matters were caught off guard. After a revised gain of 140,000 jobs in February, they were expecting another gain of at least 58,000 jobs. This huge, unanticipated loss bashed stocks and crushed the hope of an economic turnaround anytime soon.

The good news is, this setback encouraged the Fed to quickly reduce the interest rate by another 50 basis points. They did it between FOMC meetings, and the hope is that they will do it again to some degree at the May meeting. These cuts help to reduce borrowing expenses and might encourage spending for employers. Perhaps it'll also encourage them to create jobs or at least not be so quick to layoff at the first sign of trouble.

With a loss of 81,000 jobs, manufacturing workers suffered the most. (Since December, 270,000 manufacturing workers have lost their jobs, bringing the total to almost a half million in less than a year.) Next up on the chopping block were temporary and retail workers. Conversely, employment went up in most services industries and average hourly wages climbed by six cents.

The BLS optimistically reported that "the unemployment rate was little changed" from February, but it crept up a tenth to 4.3 percent, the highest it has been in well over a year. From the fall of 1999 through the end of 2000, the rate was between only 3.9 and 4.1 percent. It hadn't been that low since February, 1970, when it was 4.2 percent during President Nixon's term. But then, the current doom and gloom economy set in and slowly, but surely, the unemployment rate has been creeping above its 30-year record lows.

Although not specifically mentioned in the BLS summary report, tech workers are also taking a beating and small to massive layoffs for the high-tech sector are on the rise. With employers reacting so quickly to this doom and gloom economy, it's a good bet that, if your company's competitors, suppliers or customers are laying off, your job might be next up on the chopping block. For more ways to predict and prepare for it, click on "Surviving Layoff" in the sidebar above.

The employment report for March, along with a multitude of other labor and economic data, are available from the BLS.