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US Economy lost 250,000 jobs in October, unemployment rose to 6.8% according market expectations and econometric models
Walt Pyka
Nov. 2, 2008
Payrolls shrank by 230,000 workers, according to the market expectations and econometric models, before the Labor Department's report on Nov. 7. The unemployment rate has probably jumped to its highest level in more than eight years.
The unemployment rate headed for 15% by end of 2010. More than 16 million US jobs will be lost before the depression is over. The loss of almost one million jobs, falling property values, slumping stocks and frozen credit may cause consumers and businesses to keep retrenching.
The projected drop in payrolls would be the biggest in five years and follow a decline of 159,000 in September. Factories probably cut 92,000 workers from payrolls.
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