Squeezed by tight credit and plunging spending power, the American economy is losing jobs at the fastest pace since 2001, and the losses could accelerate to levels not seen since the deep recession of the early 1980s.
Employers shed 240,000 more jobs in October, the government reported Friday morning, the 10th consecutive monthly decline and a clear signal that the economic slowdown is troubling households and businesses.
Since August, the economy has lost 651,000 jobs ”” more than three times as many as were lost from May to July. So far, 1.2 million jobs have been lost this year.
“Clearly, these are very bad numbers,” said Nigel Gault, chief domestic economist at IHS Global Insight. “Businesses had been paring back for most of the year, but I suspect that it had been more caution on hiring rather than firing,” Mr. Gault said. “In September, they decided, ”˜O.K., look, this isn’t just a mini-recession, this is a full-blown recession. We better take some action.’ And they did.”
Food pantries, shelters and other providers are seeing record demand here… even though Sioux Falls has fared better than the rest of the country by many economic indicators. A very painful time is at hand.
So, we have voted in more anti-business, taxation crazed democratics … with at least two unhampered years (until some demoncrats can be voted out) at their disposal to squelch potential new employers, torment existing ones and create a worse disaster.