WASHINGTON — The nation’s unemployment rate zoomed to a five-year high of 6.1 percent in August as employers slashed 84,000 jobs, dramatic proof of the mounting damage a deeply troubled economy is inflicting on workers and businesses alike. The Labor Department’s report, released Friday, showed the increasing toll the housing, credit and financial crises are taking on the economy. The report rattled Wall Street again. The Dow Jones industrial average was down about 40 points in midday trading. All the major stock indexes tumbled into bear territory Thursday as investors lost hope of a late-year recovery. With the employment situation deteriorating, there’s growing worry that consumers will recoil, throwing the economy into a tailspin later this year or early next year. The jobless rate jumped to 6.1 percent in August, from 5.7 percent in July. And, employers cut payrolls for the eighth month in a row. Job losses in June and July turned out to be much deeper. The economy lost a whopping 100,000 jobs in June and another 60,000 in July, according to revised figures. Previously, the government reported job losses at 51,000 in each of those months. So far this year, job losses totaled […]
Saturday, September 6th, 2008
Jobless Rate Jumps to 5-year High of 6.1 Percent
Author: JEANNINE AVERSA
Source: The Associated Press
Publication Date: Friday September 5, 2:33 pm ET
Link: Jobless Rate Jumps to 5-year High of 6.1 Percent
Source: The Associated Press
Publication Date: Friday September 5, 2:33 pm ET
Link: Jobless Rate Jumps to 5-year High of 6.1 Percent
Stephan: If you like these kinds of numbers, go for more of the same. If not it might be worth considering other options.