Jobless Rate 6.5% Economy Sheds Nearly A Quarter Million Jobs.

Excerpt NY Times report: "Jobless Rate at 14-Year High After Big October Losses":

Wages have effectively shrunk for most workers, as rising costs for food and fuel have more than absorbed meager increases in pay. That has further crimped American proclivities to spend.

In October, weekly wages for rank-and-file workers — those not in supervisory or managerial positions — grew just 2.9 percent from October 2007, well below the rate of inflation.

The health care industry and public schools were the only sectors of the economy that showed more than notional growth last month. Otherwise, the losses were deep and broad. The troubles in the auto industry led to thousands of layoffs at car dealerships and factories that produce car parts. Tens of thousands of workers at manufacturers and construction companies lost their jobs.

Janitors, administrative workers and temporary employees were hit hard, with 57,000 jobs lost in October. Even general merchandise stores, which have seen an increase in business because of lower prices and more budget-minded consumers, laid off 18,000 workers last month.

Um, so the big box stores have more business, but are hiring fewer employees.  Sounds like we will be standing  in line for hours just to get things for Christmas.  Who do they think we are?  Voters?

I also find it a bit frightening to be considered part of the albatross around the world's neck.

Just one snip of the string holding us on?   

Don't laugh, they powers that be have cut strings like that before.

tags: unemployment rate  jobs report  

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