WASHINGTON AP - The nation’s unemployment rate bolted to a 14-year high of 6.5 percent in October as another 240,000 jobs were cut, far worse than economists expected and stark proof the economy is deteriorating at an alarmingly rapid pace. The new snapshot, released Friday by the Labor Department, showed the crucial jobs market quickly eroding. The jobless rate zoomed to 6.5 percent in October from 6.1 percent in September, matching the rate in March 1994.
Unemployment has now surpassed the high seen after the last recession in 2001. The jobless rate peaked at 6.3 percent in June 2003. How much more proof will our City officials need before they decide to do what everyone else is doing - tightening their belt, reducing costs, avoiding further debt, suspending projects that are not critical, freezing hiring, etc.??? Does anybody believe that the Mayor and Council are doing the same stupid things in their private businesses, as they are in their official positions? Of course not- that would be insane.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment