Unemployment lines longer
Published: Fri, Nov. 07, 2008 12:30AM
Modified Fri, Nov. 07, 2008 07:14AM
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closeEmployers are cutting jobs to stay afloat as they cope with tight credit and falling consumer spending. In the October unemployment report from the Labor Department, payrolls are expected to decline by the biggest rate so far in this economic downturn. The unemployment rate is expected to rise to 6.3 percent from 6.1 percent. Payrolls will likely continue to shrink for a couple of months after, but the pace could slow before turning positive later in the year.
In other economic news, the Federal Reserve will release consumer credit data for September this afternoon.
U.S. AUTOMAKERS KEEP GETTING HIT
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U.S. automakers were already struggling with high costs and lost market share to Asian rivals. The current economic downturn is presenting a new obstacle as consumers shy away from big-ticket purchases. U.S. auto sales dropped to the lowest level in more than 17 years in October, and the industry is seeking government funding as it struggles to survive. Ford Motor Co. and General Motors are expected to report sharply lower quarterly profit today when they release third-quarter financial results.
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