Reports from the Economic Front

a blog by Marty Hart-Landsberg

The recession is coming closer

Labor market trends as reported by the Wall Street Journal’s Market Watch (November 6, 2008):

  • The number of U.S. residents collecting state unemployment benefits reached the highest level in 25 years, rising by 122,000 to a seasonally adjusted 3.84 million in the week ending Oct. 25.
  • The economy has lost jobs for nine consecutive months. So far in 2008, nonfarm payrolls have fallen by 760,000 to 137.3 million.
  • Real hourly compensation fell 1.9% in the quarter and is down 0.9% in the past year, marking the largest annual decline in 13 years.

Keep checking Recession Watch for the latest.

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