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A major spike in U.S. unemployment

In October, nonfarm employment fell by 240,000 (or unemployment ROSE by 240,000 people, whichever you prefer) and the national unemployment rate rose from 6.1% to 6.5%, as reported by the U.S. Department of Labor today. Unemployment has risen by 1.2 million in the first 10 months of 2008 and over half of the increase has occurred in the last three months.

The next information release on regional and state unemployment will be on November 21, 2008.

It would be interesting to learn whether the theoreticians of Harvard Business School still believe that up to 42% of U.S. jobs could be offshored. There should be a lot fewer of those jobs in existence by now… and we have seen what unemployment in the mere 6-7% range has done to the economy.

-Bill at Cheshire Cat Photo™

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