Unemployment NumbersNovember 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.