ECONOMY: Employers slashed 159,000 jobs in September
Associated Press • October 3, 2008
WASHINGTON — Employers slashed payrolls by 159,000 in September, the most in more than five years, a worrisome sign that the economy is hurtling toward a deep recession.
The Labor Department's fresh snapshot, released today, also showed that the nation's unemployment rate held steady at 6.1 percent as hundreds of thousands of people streamed out of the work force for any number of reasons.
The reduction in payrolls was much sharper than the 100,000 cuts economists were forecasting. They expected the jobless rate to be unchanged. It marked the ninth straight month that the economy has lost jobs. The drop underscores fallout from a long slump in the housing market and a dangerous credit crunch that intensified last month throwing Wall Street — and the economy — into chaos.
Employers cut 73,000 jobs in August, slightly less than the 84,000 initially estimated, according to revised figures. However, the cuts in July turned out to be a bit deeper — 67,000 versus the 60,000 previously reported.
The 159,000 jobs lost in September were the most since March 2003, when the labor market was still struggling to get back on its feet after being knocked down by the 2001 recession.
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12 comments:
Yeah, THE SKY IS FALLING! Give me a break. This is exaqctly how our Government wortks. Scare the sh!t out of everyone as if we're all going to lose everything, including our jobs, if the Bailout doesn't come through. The question is, will all Americans fall for their bullsh!t? The economy has sucked for 2 years now, only to be saved by credit card debt and refinancing. Oh well, the sky must be falling after all.
The only secture that grew jobs was,"GOVERMENT".
Joe i agree with you,"NO BAIL-OUT" these jobs were lost before this sell-out was around. This sell-out will not bring these jobs back or create new ones. This is shame and they are trying to scare America into buying it.
Joe, do you know how the enonmy works? I think not. 159,000 is nothing compared to what October, November, December and so on will be. To keep and generate jobs an econamy has to sell goods and services. If no one can buy those things jobs go away. Economics 101 buddy.
ECONOMICS 102, If people cant purchase with-out credit then they are already broke and shouldnt be buying anything anyway. How the hell you think this mess started.
I say bring on the recession! Bring on a depression! That will do more to build values and work ethic in our children like nothing else. Will it be hard? I hope so. Will we get through it? Of course. Nothing will externally bring down this country. The only way we will colapse is from the inside. Too much division, not enough unity. Barak will only divide us more.
can i get one of those $159000 dollars jobs, well at least it did not hurt the three dollar an hour jobs here in salisbury.
Most small businesses run on credit. If credit dries up, these will go under. It's a major mess and major nightmare for the US.
Thank Congress for for having sense to enact the bailout...
With the plan as enacted, the whole thing will probably cost taxpayers about 2% of the GDP when all is said and done. That's a lot better than a full blown depression.
You say that now but wait till this comes around and bites Americans in the ass. There is NOTHING good that will come out of it.
Sweden did a similar bailout plan in the last decade. It cost them 2% of their GDP, and now they are fine (actually better than fine).
We'll be fine too.
The bailout was also really needed to keep China from taking its invested dollars and going home.
If the dollar loses its reputation, we'll all be in trouble. Just imagine what happens if China starts to pay for all its oil and coal in Euros.
And all of the corporate CEO's have their multi million dollar bonuses tucked away nice and neet.
Bush has proved that is better to be a lame duck president than a lame duck citizen. Keep them in fear and they become complacent.
The second amendment was to assure citizens the power to take back their government. We all know that that concept wouldn't work now, the Civil War 150 years ago proved that, it was a bloody mess, relatives killing their own kin.
I agree I want to always be able to bare arms, however if we are ever going to take our country back, it is going to take getting people off their lazy asses and fuggin' vote for God's sake!
When do we accept we are heading
for a DEPRESSION not a recession.
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