Americans are losing their jobs faster than ever before, according to a recent employment report. The economy shed 63,000 jobs in February as consumers continue to feel the heat from housing declines and a tighter credit market. The loss shocked some, however, given the fact that companies are holding record amounts of cash on their books. The decline also increased speculation that the Fed will lower interest rates sharply during its next meeting. The government is also planning to increase the availability of cash to corporations, hoping to spur companies to increase their hiring and salaries.

From the New York Times:
The economy shed 63,000 jobs in February, the government said on Friday, the fastest falloff in five years and the strongest evidence yet that the nation is headed toward — or may already be in — a recession. Manufacturers and construction companies, reeling from the worst housing slump in decades, led the declines in payrolls. But the losses were spread across a broad range of businesses — including department stores, offices and retail outlets — putting increased pressure on consumers’ pocketbooks.