The U.S. job market is starting to deteriorate, according to a recent article in the Christian Science Monitor.

Employers in almost all sectors are postponing or canceling plans to hire new workers. If the hiring downturn continues, the ramifications for the economy could be major, pushing the economy further into a recession, with falling consumer confidence and Federal Reserve rate cuts.

The Labor Department reported that the economy shed 63,000 jobs last month, following a loss of 22,000 jobs in January.