Recent job articles
October job losses hit a 14 year high- Where is the bailout money really going? CEO's pockets
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October job losses hit a 14 year high
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Employers shed 240,000 more jobs in October, the government reported Friday morning, the 10th consecutive monthly decline and a clear signal that the economic slowdown is troubling 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.
The Labor Department also steeply revised down its employment numbers for the third quarter. Employers slashed 284,000 jobs in September, far higher than the 159,000 that was initially reported. In August, 127,000 jobs were lost, compared with the previous estimate of 73,000. More.
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