Jobs plunge by 63,000, worst since 2003; Fed steps in
By Barbara Hagenbaugh, USA TODAY
The Federal Reserve, shortly before the report was released, underscored its concern for the economy by saying it will pump more cash into financial markets to try to ease credit.
The Fed said it will raise its planned March 10 and March 24 auctions to $50 billion each, from $30 billion it had previously announced. The auctions serve as short-term loans to get banks the cash they need to keep lending.
Fed officials aslso said they would move to even larger amounts at future auctions if necessary.