Around the Street: Labor Pains Worsen
Confirming Wall Street's fears, the U.S. employment report for October, released Nov. 7, showed a worse-than-expected pace of job losses for the U.S. economy. Nonfarm payrolls plunged 240,000, vs. market expectations of a 190,000 drop. The unemployment rate jumped to 6.5% in October from 6.1% in September; that's the highest reading since March 1994. The report, accompanied by downbeat data on business inventories for September and chain-store sales, comes as President-elect Barack Obama gathers advisers in Washington to craft an economic strategy for when he takes office in January.
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