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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

AFP [1]
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.

(Article continues below)

“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.

Full article here [1]

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URLs in this post:

[1] AFP: http://rawstory.com/news/2008/US_economy_bleeding_jobs_unemployment_at_1004.html

[2] US unemployment hits 25-year high: http://www.prisonplanet.com/us-unemployment-hits-25-year-high.html

[3] U.S. Economy: Jobless Rate Climbs to 14-Year High: http://www.prisonplanet.com/us-economy-jobless-rate-climbs-to-14-year-high.html

[4] Joblessness Probably Rose to 16-Year High: U.S. Economy Preview: http://www.prisonplanet.com/joblessness-probably-rose-to-16-year-high-us-economy-preview.html

[5] Unemployment hits 16-year high at 2.5m in new blow for Brown: http://www.prisonplanet.com/unemployment-hits-16-year-high-at-2-5m-in-new-blow-for-brown.html

[6] Unemployment in U.S. Probably Climbed in March to 25-Year High: http://www.prisonplanet.com/unemployment-in-us-probably-climbed-in-march-to-25-year-high.html

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