U.S. unemployment rate hits 14-year high

**DNP** · 11-09-2008, 11:14 PM

Employment in the United States fell by a worse-than-expected 240,000 jobs in October as companies slashed their payrolls amid an economic downturn.

The plunge in payrolls sent the unemployment rate up to 6.5 per cent, from 6.1 per cent in September. The jobless rate has not been that high since March 1994.

Economists had forecast October job cuts totalling 200,000.

Employers have now cut their payrolls for 10 consecutive months.

The U.S. Labour Department also issued a sharp revision to September's job numbers. The government said 284,000 jobs were lost in the month, much worse than the initial estimate of 159,000.

August's initial estimate of 73,000 jobs losts was also revised downward to reflect a loss of 127,000 jobs.

From August through October, U.S. employers cut more than 650,000 jobs. For all of 2008, the U.S. has lost about 1.2 million jobs

No 'sugar coating' can improve jobless results: strategist
October's job losses were spread throughout the U.S. economy, including:

90,000 jobs lost in factories, the most since July 2003.
49,000 jobs in construction, with many in house building.
38,000 jobs in the retail sector.
45,000 jobs in the professional and business services sector.
24,000 jobs in financial services, including big losses in mortgage banking and at securities firms.
16,000 jobs in leisure and hospitality.
The dismal U.S. jobs report had economists using adjectives such as "staggering" and "awful."

"There is no sugar-coating that can make this report look any better," said Millan Mulraine, an economics strategist at TD Securities.

"It was simply awful, and has confirmed the fears that the U.S. labour market has been hit particularly hard by the ongoing financial and housing crisis. And with conditions in the U.S. economy continuing to worsen, the prospects for the job market are not necessarily any better," he said.

Mulraine added that monthly job losses in the U.S. are expected to top 100,000 for months to come.

**Gerry** · 11-09-2008, 11:19 PM

Originally Posted by DNP

Mulraine added that monthly job losses in the U.S. are expected to top 100,000 for months to come.

Very, very sad.

Estimates put the unemployment rate at possibly 7.5% by this time next year.

Now more than ever we (as a society) need to volunteer and help in ways we can. With winter coming up, it will be terribly difficult for many.

**Donald Aquilano** · 11-10-2008, 06:38 AM

It will get a lot worse before it gets better especially if the Government continues to interfere will the markets.

**draggar** · 11-10-2008, 06:39 AM

It is scary. My wife hasn't had a job in 5 months and I don't know how well / long mine will last (although my company did close an outsourced / overseas call center so we're handling their work now).

**Gee** · 11-10-2008, 08:11 AM

American companies are sweet

instead of reducing salaries or incentives for their employees ... they instead throw half of them in the street!!

Obama will give those arrogant companies and rich people a tuff lesson when he takes their money and spread to the poor

I would say he better send those 700 billion dollars to poor kenyan in africa instead of helping those haughty spirit americans and their companies and banks

**Raider** · 10-19-2010, 03:32 AM

Originally Posted by bd77

It will get a lot worse before it gets better especially if the Government continues to interfere will the markets.

You were SO right on this one!

What the unemployment rate right now? High 9%?

**thinkingsmall** · 10-19-2010, 03:56 AM

there is one industry that is still going strong - the marriage and divorce industry : still employing millions of psychiatrists,lawyers, para-legals, legal transcriptionists,reporters/ character assassins, cops, child support enforcers, losers, psychologists, talk show hosts, counsellors, 'protective services', prozac manufacturers. that is one industry only america can have

no threat from japan or china.. until someone figures out that american men are better off outsourcing their marriages overseas and stop being such losers..