Is Bad Jobs News Good News for the Stock Market?
According to the latest employment report, released Dec. 5, jobs are disappearing like snow in a fire. In November alone, 533,000 jobs were eliminated. And over the past three months, employment in the private sector has dropped by 1.1%. That's the biggest decline (BusinessWeek.com, 12/5/08) since 1980. And really, you have to go back to the end of the 1974-75 recession to see jobs disappearing at an even more dizzying rate.
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