 |
|
|
COFES Blog
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!
Tags:
DISCLOSURE:
The US Federal Trade Commission mandated in December of 2009 that bloggers must disclose any material connection and compensation received for blog posts to inform consumers of paid endorsements.
The blog published here is completely my own and Cyon Research receives no compensation for its content. However, readers should assume that Cyon Research currently has, has had in the past and is likely to seek a business relationship with any company mentioned here.
Likewise, Cyon Research employees may not directly own shares in any company reported on here. However, it is likely that mutual funds or other investment vehicles contain shares that are not under the direct control of company employees.
|
|
|
|