Friday's job figures - a 63,000 job loss - are further evidence that the economy is taking a downward turn, but the private sector has been cutting jobs since December. The real story, however, is in the private sector, which took a 101,000 job hit in January. (click to enlarge) The loss in private sector jobs is not new. It's just been glossed over a bit. When the 41,000 job gain in December was proffered as a counterpoint to the dismal 0.6% GDP growth rate in the fourth quarter; "things aren't all bad," they said. However, keen observers of the data coming from the BLS noted that, yes, things are that bad. In fact, since December, the private sector has been shedding jobs at a rate of 47,000 per month.