The October employment data has reignited fear that things are going to get vey bad. According to the Bureau of Labor Statistics (BLS), nonfarm payroll employment fell by 240,000 in October. BLS also report that job losses over the last 3 months totaled 651,000. In October, the unemployment rate rose from 6.1 to 6.5 percent, and the number of unemployed persons increased to 10.1 million.
WSJ has more on the latest figure. Click here.
"Today’s jobs report offers more evidence that the economy is in the midst of a downturn that will not only be deeper than the recessions that ended in 1991 and 2001, but may approach, or perhaps surpass, the severity of the long recession that ended in 1982."
Today I Learned
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"Beginning in the last decade of the 18th century, firewood output
increased from about 18% of GDP to just under 30% of GDP in the 1830s."
Source.
4 days ago
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