US dropped almost a quarter of a million jobs in October!

[BurtWorm]

:scared:

http://www.nytimes.com/2008/11/08/business/economy/08econ.html?_r=1&hp=&oref=slogin&pagewanted=print

November 8, 2008
Jobless Rate at 14-Year High After Big October Losses
By PETER S. GOODMAN and MICHAEL M. GRYNBAUM

Squeezed by tight credit and plunging spending power, the American economy is shedding jobs at the fastest pace since 2001, and the losses could accelerate to levels not seen since the deep recession of the early 1980s.

Employers shed another 240,000 jobs in October, the government reported Friday morning, the 10th consecutive monthly decline and a clear signal that the economic slowdown is assailing households and businesses.

Since August, the economy has lost 651,000 jobs — more than three times as many as were lost from May to July. So far, 1.2 million jobs have been lost this year.

“Clearly, these are very bad numbers,” said Nigel Gault, chief domestic economist at IHS Global Insight.

“Businesses had been paring back for most of the year, but I suspect that it had been more caution on hiring rather than firing,” Mr. Gault said. “In September, they decided, ‘O.K., look, this isn’t just a mini-recession, this is a full blown recession. We better take some action.’ And they did.”

The unemployment rate climbed to 6.5 percent, the highest level since 1994 and up from 6.1 percent the month before.

[whistle]

1. BushCo's last gasp at f*cking over the country

[FreakinDJ]

2. Thank You "Trickle Down Economics"

and with an additional 1 Million job loses projected for the 1st 6 months of 2009

[TWiley]

3. rats ..... they can't blame Obama's election any more.

The republi-turds around here have all been singing that lie.