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2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

Report: More Than 1M Jobs Lost In Last Two Months Of '08

Employers in the private sector shed 693,000 jobs in December, a figure much higher than expected, according to a private employment service.

This comes on the heels of 476,000 jobs lost in November, meaning that a staggering 1.1 million jobs in the private sector alone were lost in just the last two months of 2008, according to ADP Employer Services.

Economists expected the December job-loss number to be in line with November's.

In other tough news out this morning:

- Computer-chip giant Intel cut its fourth-quarter earnings estimates for a second time, saying revenue will be down 23 percent compared to the fourth quarter of 2007.

- Time Warner Cable said a $15 million impairment charge will send the company to a 2008 loss.

-- Frank Ahrens
The Ticker is Twittering!


By Frank Ahrens  |  January 7, 2009; 9:37 AM ET
Categories:  The Ticker  | Tags: jobs, unemployment  
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Next: Obama: Stimulus Plan Likely Not More Than $1 Trillion

Comments

The miracle of supply-side Bush/Reagonomics, wiping out what's left of America's middle class.

Posted by: hairguy01 | January 7, 2009 10:05 AM | Report abuse

But the "Fundamentals Of The Economy Are Solid"…Remember?

Posted by: helloisanyoneoutthere | January 7, 2009 10:33 AM | Report abuse

There is no money for the citizens but there are billions to help Israel continue its genocidal war against Palestinian children.

The war 'on terrorism' has turned into the 'war on the middle class'. When the government takes our money and give it to the war mongers and arms dealers like Grumman, they are weighing war on us.

People, you have got to put a stop to your government. Stop believing their lies. The next president will continue the debacle with cosmetic fixes.

Posted by: sapitos44 | January 7, 2009 11:42 AM | Report abuse

To Sapitos44: Why not relocate yourself to Gaza, arm yourself and fight alongside your Hama-Terrorist brothers?

Posted by: CubsFan | January 7, 2009 11:46 AM | Report abuse

Thanks to Reganomics and the all but elimination of "watchdog" SEC under President Bush, the last remains of the middle class is biting the dust in joblessness. So who will support the war on terror now? And the money that was once spread throughout the American economy, why it is all in hedge funds that lost approximately 30% of funny money. The remaining real money is still in the hands of the upper class. Upper class better get busy doing grocery, clothes, cars, etc. buying because the middle class died.

Posted by: kristae1 | January 7, 2009 2:48 PM | Report abuse

What is our grand total for war and for Israel? Add it up and we might not need a stimulus package. Otherwise, it'll be a long while 'til we sing "Happy Days Are Here Again."

Posted by: ebliversidge | January 8, 2009 6:58 AM | Report abuse

The comments to this entry are closed.

 
 
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