Labor Department statistics released today show an unchanged 6.1% national unemployment rate; but for the first time in more than 5 years employers eliminated an astounding 159,000 jobs in September. The cuts far exceeded economic forecasts and further signaled the devastating effects of an underlying financial and credit crisis in America. A total of 760,000 jobs have been slashed this year after 9 consecutive months of job losses, while additional data reveals slowing wage growth where jobs haven?t been dropped. The continued job loss and credit strain have lead many to speculate an economic recession is inevitable.
See "Employers Cut Jobs by Most in More Than 5 Years", The New York Times, October 2, 2008