FORESIGHT
Spotlight on the Employment Situation
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Friday is the big day this week, as we find out how the job market held up in March. If economists' projections are right, the answer is: not too well. Their consensus is that the nation shed 48,000 jobs in the month, on top of a loss of 63,000 jobs in February. They expect the unemployment rate to bump up to 5 from 4.8 percent. The kind of projection that would have been considered wildly pessimistic earlier this year is now the consensus. On Wednesday, all eyes will be on Capitol Hill, when Federal Reserve Chairman Ben S. Bernanke testifies before the Joint Economic Committee. These will be his first public comments since the Fed's remarkable intervention in the financial markets to rescue Bear Stearns.
-- Neil Irwin
