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Bloody Monday - Over 70,000 U.s Jobs Lost In A Day!


Setantii
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A big problem with the bullish forecasts of a shallow recession or credit troubles blowing over, was they never took into account, and still aren't taking into account the deleterious impact of massive job losses. We saw the meltdown of the financial companies BEFORE the job losses even started.

If unemployment rises by like 700,000 in a month, one has to assume a large percentage of those will not be able to keep up with their mortgage and consumer debt(and if they are foreclosed its going to push house prices down where they live). And their consumption will fall significantly, causing trouble at the local retailers/commercial real estate. Also the newly unemployed are going to have far less access to new credit.

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