In February, manufacturing lost 52,000 jobs, and over the last 91 months manufacturing has shed more than 3.6 million jobs ...

Apri1 3, 2008 | Bush Administration Dithers While Rome Burns | The Deepening Recession | By PETER MORICI

... The rapid decline in the market value of mortgage-back bonds issued by these banks, and erosion in the balance sheets of the major banks caused by the declining value of unsold bonds on the books of these banks, represents a modern day run on the banks, which has required the Fed to loan the banks sums totaling about 4 percent of GDP. ...
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In February, government employment expanded by 38,000 even as overall payroll jobs contracted 63,000. This indicates the private business economy shed 101,000 jobs. ...
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In February, manufacturing lost 52,000 jobs, and over the last 91 months manufacturing has shed more than 3.6 million jobs.

The growing trade deficit with China and other Asian exporters is a key factor. If the trade deficit was cut in half, manufacturing would recoup at least 2 million of those jobs, U.S. growth would exceed 3.5 per cent a year, ...