Nov 7

Written by: Russ Henke
11/7/2008 12:04 PM 

The US unemployment rate zoomed to a 14-year high in October 2008 as another 240,000 jobs were cut, far worse than expected, providing unquestionable evidence of Bush 43’s deepening second recession. The new data, released November 7, 2008 by the US Labor Department, showed the US jobless rate rose to 6.5% in October from 6.1% in September. Current unemployment has now surpassed the high seen after Bush 43’s first recession in 2001, when the US jobless rate peaked at 6.3% in June 2003.

This October’s decline marked the 10th straight month of payroll reductions, and Labor Department revisions showed that job losses in August and September 2008 were actually much deeper than first estimated. Employers cut 127,000 positions in August, compared with 73,000 previously reported. And some 284,000 jobs were cut in September, compared with the 159,000 jobs first reported. So far in 2008, 1.2 million jobs have disappeared; over half the decrease occurred in the past three months alone.

What a legacy!