Friday :: Oct 3, 2008

Still Sinking


by Turkana

From the Los Angeles Times:

Businesses from automakers to retail stores slashed payrolls last month, the government reported today, causing the steepest one-month job losses in more than five years and pushing the economy closer to a recession. In addition to continued drops in construction and manufacturing jobs, the Labor Department survey reported deep cuts in jobs across most sectors of the economy, from stores to hotels to restaurants and temporary employment.

"The job losses in retail trade, leisure and hospitality and employment services -- those are ripple effects," said Harry Holzer, a labor economist at Georgetown University and a fellow at the Urban Institute. "A lot of us think we'll see a lot more of this over the next couple of months."

The Labor Department said that the economy lost 159,000 jobs last month -- the biggest one-month drop since March 2003. The unemployment rate held steady at 6.1% for the month, in part because of a decline in the number of people looking for work.

Four more years, anyone?

UPDATE: So, the bailout was passed, to calm the markets. Which are crashing, again, after having soared, this morning.

(Chart from Google Finance)

Turkana :: 11:22 AM :: Comments (9) :: Digg It!