continue reading hover preload topbar hover preload widget hover preload

Bad Economic News

Job loss, unemployment higher, bad retail sales, Ford is cutting workforce. Here is a breakdown.

240,000 jobs were lost in the month of October, worse than expected. This brings the total job loss to 1.2 million for the year. Half of the total job loss occurred in the last three months, coinciding with the subprime mortgage crisis and the record drop in global markets.

Unemployment rose 0.4% in October to 6.5%, a 14-year high. In the last year, the number of people unemployed has increased by 2.8 million to 10.1 million.

Retailers report the worst sales since 1971 heading into the holiday season.

Ford reports a $129 million Q3 loss. Ford plans to cut about 2,000 white-collar jobs, this on the heels of the 15% cut in payroll this past year.

In essence, the next President has a full plate to chew on come January 20, 2009.

Categories: UncategorizedPosted on: 7th November 2008 by: admin
  • Leave a Reply

    Required fields are marked *