Meanwhile, the Bushidiot depression marches on.

[Knutey]

Job losses soar, jobless rate at 14-year high

By Glenn Somerville
2 hrs 1 min ago
WASHINGTON (Reuters) – Employers cut payrolls by a much steeper-than-expected 240,000 jobs in October as the unemployment rate shot up to its highest in more than 14 years, underscoring the economy's steep slide.
According to the Labor Department's report on Friday, last month's job cuts followed a steeply revised cut of 284,000 in September, the most severe monthly loss since November 2001 just after that year's September terror attacks. The department also revised August job cuts higher to 127,000 -- meaning a total 179,000 more jobs were cut in August and September than previously thought.
The national unemployment rate jumped to 6.5 percent from 6.1 percent in September, the highest since March 1994.
"We have entered the phase of serious recession conditions. Unfortunately we will encounter more of this going forward," said Richard DeKaser, chief economist for National City Corp. in Cleveland. "This is going to increase the urgency for another stimulus package to staunch the slide."
October job cuts were much worse than forecast by Wall Street economists, who had expected 200,000 would be cut and that the unemployment rate would be 6.3 percent.
Stock futures pared gains after the data, while the dollar extended losses. U.S. Treasuries turned negative after the report.
So far this year, 1.2 million U.S. jobs have been lost -- 651,000 of them in the past three months alone -- in a sign that a deterioration in labor markets may be gaining steam and heightening odds of deep recession.
In manufacturing alone, a whopping 90,000 jobs were cut in October -- a period when 27,000 Boeing Co. assembly workers were on strike. That followed a loss of 56,000 factory jobs in September.
Service-producing industries cut 108,000 jobs in October on top of 201,000 lost in September. Construction industries dropped 49,000 more jobs after eliminating 35,000 in September, many of them in specialty trades related to home building, the department said.
Average weekly hours of work held steady at 33.6 in October. At factories, the average workweek also held steady at 40.6 hours, while overtime was unchanged at 3.6 hours.
(Reporting by Glenn Somerville; Editing by Neil Stempleman)

http://news.yahoo.com/s/nm/20081107/bs_nm/us_usa_economy_jobs_8/print;_ylt=Av1rPvwyJnxBqCEyyINK_iGb.HQA

[BT]

Meanwhile:

Major indexes have lost about 10 percent since Barack Obama was elected president -- a vote preceded by a steep rally -- and the losses represent the Dow's worst two-day percentage decline since the October 1987 crash.

http://biz.yahoo.com/ap/081106/wall_street.html

[sirs]

And last time I looked, the economy started its nosedive........right after Dems took control of congress.  Imagine that

[Knutey]

Meanwhile:

Major indexes have lost about 10 percent since Barack Obama was elected president -- a vote preceded by a steep rally -- and the losses represent the Dow's worst two-day percentage decline since the October 1987 crash.

http://biz.yahoo.com/ap/081106/wall_street.html

Could be the stockmarket is diving cause there is still a moron in charge for two more months and he can do even more damage in that time. I am sure he wants to destroy the economy and govt before he has to hand it over.

[BT]

Could be the stockmarket is diving cause there is still a moron in charge for two more months and he can do even more damage in that time. I am sure he wants to destroy the economy and govt before he has to hand it over.

Could be , but i doubt it. The stock marke rises oand falss on news, and the big news story was Obama's election.

Perhaps the investor class is jittery.

[sirs]

As well as it would be expected

[Knutey]

Perhaps the investor class is jittery.

It should be with that idiot still in charge for two months.

[Xavier_Onassis]

It seems that a majority of people making over $100,000 and even $200,000 a year voted for Obama. Perhaps they felt that he would be most effective at inspiring the economy.

It should take off soon. The major problem is that banks aren't lending the money the Fed has made available.

[BT]

It should take off soon. The major problem is that banks aren't lending the money the Fed has made available.

I don't believe the shortage of loans has anything to do with the drop in indexes.

I think it is fear of the unknown.

And we have pretty much all agreed that Obama is a blank screen, he is what you want him to be.

[Xavier_Onassis]

And we have pretty much all agreed that Obama is a blank screen, he is what you want him to be.

We?

It seems to me that Obama was pretty clear about everything.

Presidents have been elected on far vaguer schpiels.

Olebush was elected on a platform of not releasing criminals, requiring kids to salute the flag and not joining the ACLU...or that was about all he talked about.

Juniorbush was elected on a platform of not trying to be the world policeman, a balanced budget, lower spending and not getting a blowjob in the White House. He seems to have fulfilled only the last promise.

[Brassmask]

Meanwhile:

Major indexes have lost about 10 percent since Barack Obama was elected president -- a vote preceded by a steep rally -- and the losses represent the Dow's worst two-day percentage decline since the October 1987 crash.

http://biz.yahoo.com/ap/081106/wall_street.html

Couldn't have anything to do with the half million jobs lost in the last two months?  Could it?

http://features.csmonitor.com/creditcrisis/2008/11/07/huge-job-losses-signal-a-shrinking-economy/

The latest evidence of the intensifying economic storm came on Friday when the Labor Department reported that the economy shed 240,000 jobs in October, the second worst month of the year – after a revised loss of 284,000 jobs in September. The nation’s unemployment rate looked even more dire, skyrocketing to 6.5 percent in October, up from 6.1 percent in September and the highest level since February 1994.

[sirs]

and...................this all started about..................when again?  Oh yea, about 2 years ago.  Fancy that

[Xavier_Onassis]

and...................this all started about..................when again?  Oh yea, about 2 years ago.  Fancy that


Explain, please, how this makes sense.

[sirs]

1st 6 years Bush administration, Economy humming well, despite the events of 911

last 2 years, Democrats take over congress, Housing market and economy start their nose dive, with the consecutive monthly job losses starting approx 10months ago.  And when again was the increased minimum wage law enacted, with the left poo-pooing the notion of increased unemployment from that as well?  Oh yea, about the same time

You do the math

[BT]

Couldn't have anything to do with the half million jobs lost in the last two months?  Could it?

It's possible. Did they release the unemeployment figures on the same day as the election?