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Jobless rate bolts to 14-year high of 6.5 percent in October; 240,000 jobs cut

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posted on Nov, 7 2008 @ 08:16 AM
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This does not bode well for today's markets . . .

Jobless rate skyrockets



Unemployment has now surpassed the high seen after the last recession in 2001. The jobless rate peaked at 6.3 percent in June 2003


This is before the GM announcement at 11 a.m. when it is expected that GM will announce another round of job cuts, mothballed plants and reduced production output.

This could be a nasty day as investors pull out in droves.




posted on Nov, 7 2008 @ 08:19 AM
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No, it wound do well for the markets unless the markets are getting used of a jobless America as only the elites are the ones that can afford to invest.

But then again this means that consumer confidence is low and retail will always feel the full force of a penny pinching America.

Americas small business is dying slowly but surely.



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