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US economy bleeding jobs, unemployment at 5-year high
Posted By admin On October 5, 2008 @ 2:27 am In Money Watch | Comments Disabled
Sunday, Oct 5, 2008
The struggling US economy lost 159,000 jobs in September as the weight of the housing collapse and credit crunch hit a broad swath of industries, government data showed Friday.
The report, seen as one of the best indicators of economic momentum, showed a sharp rise in the number of cuts after 73,000 job losses in August.
“There is little doubt that the nation is in a recession, which will only deepen in coming months, as the financial crisis casts a pall on economic activity,” said Sophia Koropeckyj at Economy.com.
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“Moreover, it is highly likely that conditions will deteriorate further in coming months as the various financial service restructurings result in tens of thousands of job losses, the credit crunch freezes business expansions and construction, retail bankruptcies mean more layoffs.”
The unemployment rate calculated by a separate survey of households held at 6.1 percent, a five-year high, the Labor Department said.
Payrolls have fallen by 760,000 so far this year as the world’s biggest economy has been roiled by a massive collapse in housing that spread to the financial sector and led to global credit crunch.
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