U.S. job losses continued its accelarating fall this month pushing the unemployment rate to 14-year highs in October. Nonfarm payrolls tumbled 240,000 in October, largerr-than-expected 22000. The unemployment rate soared 0.4 percentage point to 6.5%, its highest since March 1994. Us has thus far lost 1.2 million jobs this year.
Sector wise, Manufacturing and construction were the worst hit.
manufacturing -90,000
construction -49,000
business and professional -45,000
financial-sector -24,000
retail -38,000
leisure and hospitality -16,000 jobs.
temporary employment -50,000
In addition, economists at GS and other investment banks piled on the data with their own bleak job data forecasts. GS today wrote that the unemployment rate is expected to rise to 8.5% by the end of next year and trend even higher in 2010. They also forecast another rate cut by Fed, to 0.5% by Dec. "We do not see a resumption of anything close to trend grwoth before 2010" they added. Btw.. GS yday added another 3500 layoffs to its already 1500 odd headout cut. Sadly, I was shocked to know that my friend is one among the 3500.. bad times indeed... Bottom line: the beating will not stop!! :)
and am off to San Diego!!
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