Jobs.....an endangered species?

[marmar]

Employers in U.S. Cut 240,000 Jobs, More Than Estimated; Jobless Rate 6.5%


By Bob Willis

Nov. 7 (Bloomberg) -- The U.S. unemployment rate climbed to the highest level since 1994 as payrolls tumbled, signaling that the economic slump inherited by Barack Obama will last well into his first year as president.

The jobless rate rose to 6.5 percent in October from 6.1 percent the previous month, the Labor Department reported today in Washington. Employers cut 240,000 workers after a loss of 284,000 in September, the biggest two-month slide since 2001.

Unemployment may only worsen by the time Obama takes office in January, making it easier for congressional Democrats to push through another economic stimulus package. Obama meets today with his transition economic advisers, including billionaire investor Warren Buffett and former Federal Reserve Chairman Paul Volcker. He’ll also hold his first post-election press conference.

“The U.S. economy is in a very deep recession,’’ John Herrmann, president of Hermann Forecasting LLC in Summit, New Jersey, wrote in a note to clients after the release. “We look for a $500 billion fiscal stimulus from President-elect Obama.’’

Stock futures dropped immediately after the report’s publication, then recouped losses. Futures on the Standard & Poor’s 500 Stock Index were up 1 percent at 913.50 at 8:44 a.m. in New York. Benchmark 10-year Treasury note yields rose to 3.74 percent from 3.69 percent late yesterday. ...........(more)

The complete piece is at: http://www.bloomberg.com/apps/news?pid=20601087&sid=ahUhUD7lCy7s&refer=home

[Fluffdaddy]

1. Thanks Bush/GOP

[Commie Pinko Dirtbag]

2. I'm such a nerd.

First thought I had was "Steve Jobs." :silly:

I bet Bill Gates wishes he went extinct.