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Job Losses Pile on in October, Expected to Accelerate as Economy Worsens
Job losses spiked in October according to two key employment reports released yesterday (Wednesday). The rate of unemployment has risen steadily over the past year but job losses expanded in both size and scope in October and will likely continue to accelerate well into 2009, further exacerbating an already potent economic downturn.
Private U.S. companies cut an estimated 157,000 jobs in October, the largest decline in nearly six years, ADP Employer Services said yesterday (Wednesday). Separately, outplacement firm Challenger, Gray & Christmas Inc. said job cut announcements by U.S. employers soared to 112,884 in October – a 79% increase from last…
6Nov2008 | Money Morning | Comments Off | ContinuedWhat to do When You’re Screwed
If it hasn’t become blindingly obvious over the past week, the economy is in some serious, serious trouble. A couple of weeks ago I wrote about how the housing crisis had taken its toll on Wall Street, and in the ensuing time it’s become obvious that the housing crisis was a lot worse than I had hoped it would be. The Dow is down, stocks are down, and we have yet to see just how badly shareholders are going to get hit. While I generally comment about stocks you should or shouldn’t be interested in, I’m going to break with…
25Sep2008 | Oxbury Research | Comments Off | Continued
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