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Unemployment Numbers

November 7, 2008 - by Donny Shaw

Some worse-than-expected economic news out this morning (NYT):

>The American economy lost another 240,000 jobs in October, the government reported Friday, as cash-strapped consumers pulled back sharply and businesses hunkered down, intensifying the distress gripping much of the country.
>
>The unemployment rate spiked to 6.5 percent from 6.1 percent, the highest level since 1994. Many analysts now expect unemployment will reach 8 percent by the middle of the year.

Via the Bureau of Labor Statistics (pdf):

Democratic leaders are now considering splitting their new economic stimulus package in two to try and extend unemployment insurance benefits and expand food stamp funds during a lame-duck session of Congress the week of November 17th. The rest of their package – funding for transportation infrastructure projects, permanent tax cuts and money to address state budget shortfalls – will be dealt with in January under and expanded Democratic majority in Congress and a President Obama.

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Comments

  • Anonymous 11/18/2008 6:54am

    wow, the ecomony is sucking balllllls duuuuuuuuuuuuuuudeeeeeeeeeee

  • Anonymous 11/19/2008 4:40pm

    I wonder if they will find time to help the little folks or be too busy giving away 700 billion to the big folks. Wonder if they are worrying about food on the table this year?????

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