The economy lost 240,000 jobs in October - Unemployment rate at 6.5%
Politics, The Economy, Real Estate November 7th, 2008
More bad news for the economy and the housing market. Bloomberg reports the following:
Nov. 7 (Bloomberg) — The U.S. unemployment rate rose to the highest level since 1994 as companies slashed payrolls, setting the stage for the steepest economic decline in decades and a tough start for Barack Obama’s presidency.
The jobless rate rose to 6.5 percent in October from 6.1 percent the previous month, the Labor Department reported today in Washington. Employers fired 240,000 workers after a loss of 284,000 in September, the biggest two-month slide since 2001.
The total number of unemployed Americans jumped to 10.08 million last month, the highest level in a quarter-century, today’s report showed.
Economists had anticipated a 200,000 drop in payrolls after a previously estimated 159,000 decline in September, according to the median of 78 estimates in a Bloomberg News survey. The median forecast for the unemployment rate was 6.3 percent.
“We’re heading for a deep recession — banish the word mild from your vocabulary — it’s big, it’s bad and it’s broad-based,” said Nariman Behravesh, chief economist at IHS Global Insight in Lexington, Massachusetts.
November 7th, 2008 at 4:49 pm
Humpty Dumpty sat on a wall.
Humpty Dumpty had a great fall.
All the king’s horses and all the king’s men
Couldn’t put Humpty together again.
http://nomedals.blogspot.com
November 8th, 2008 at 12:31 pm
what a mess!!!
I’m sure this is going to give the democrats an excuse to push for more bailuts.
November 9th, 2008 at 11:20 am
Despite all the recent unemployment stats, I see thousands of high paying jobs posted on employment sites -
www.linkedin.com (networking)
www.indeed.com (aggregated listings)
www.realmatch.com (matches you to high end jobs)
Good look to those looking for work!