Job Losses Pushing U.S. Economy Into `Significant’ Recession

Rich Miller and Shobhana Chandra
Bloomberg
Saturday, Oct 4, 2008

The U.S. may be heading for its worst recession in at least a quarter century as the credit crisis forces employers across the country to cut workers and ratchet back spending.

Labor Department figures showed yesterday that payrolls fell by 159,000 in September, the biggest reduction in five years. While the unemployment rate held at 6.1 percent, that’s up from 5 percent as recently as April. Some economists, including Goldman Sachs Group Inc.’s Jan Hatzius, said it rise as high as 8 percent as the credit crunch hammers consumers and companies.

“We’re in this self-reinforcing negative cycle,” said Mark Zandi, chief economist at the West Chester, Pennsylvania-based Moody’s Economy.com. “It’s going to be a very significant recession.”

(Article continues below)

That’s bad news for Republican presidential candidate John McCain as the campaign enters its final month. The jobless rate has only risen twice in the year leading up to elections since World War II and in each case the party in power lost.

“Voters praise or blame the incumbent party in the White House for the economy,” said Ray Fair, a professor at Yale University in New Haven, Connecticut. “Rising unemployment is a negative for McCain.”

A computer model Fair has developed to forecast the election based on the economy shows the 72-year-old Arizona senator losing to his Democratic rival, Senator Barack Obama, 47, on Nov. 4.

Full article here

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7 Responses to “Job Losses Pushing U.S. Economy Into `Significant’ Recession”

rich Says:
October 4th, 2008 at 4:47 am
ah ! ya mean the pork-out ain’t gonna stop the depression ????????????? dump more worthless cyber paper into the system !!!!!!!!!!!!

http://www.youtube.com/watch?v=wp-jQ7uTQlk
Lorenzo Thomas Says:
October 4th, 2008 at 7:09 am
“They want a fascist planet with the superwealthy ruling it all
Since we’re too independent, America must be led to fall
When our credit’s been exhausted to subdue the Middle East,
They’ll install our debtor nation in the body of The Beast
Traitor…Dare call it treason”

http://www.youtube.com/watch?v=uw5dP5gy2Vs

–CORNBREAD MAFIA
Billo Says:
October 4th, 2008 at 8:28 am
Just a little conditioning to get you ready to accept the North American Union and New world order. Soon you will be begging for it. Good excuse to trash the constitution too.
If there is any hope we have to identify and neutralize the ones that are doing this to us.
Rothchilds, Rockefeller’s, Bilderburgher’s illuminatae, Mason’s, Federal reserve, on and on and so forth. They are steamrolling us and seem unstopable.
mythicshadow Says:
October 4th, 2008 at 10:42 am
http://es.youtube.com/watch?v=Bw32XCw_AvM
Howard in Shantytown U.S.A. Says:
October 5th, 2008 at 10:27 am
We need to create more armaments, abortions, euthanasias, and pharmaceutical drugs, both for consumption at home and for export to stimulate the economy. And more pay hikes for all govt. employees.
Howard in Shantytown U.S.A. Says:
October 5th, 2008 at 10:28 am
Oh yeah, and we need many, many surveillance cameras.
ron heringhauser Says:
October 5th, 2008 at 6:47 pm
Lets call it what it is, a Depression/with hyperinflation. Will they feed us in the FEMA camps?