Archive for Friday, July 4, 2008
US loses 62,000 jobs; oil at new record
July 4, 2008
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Washington, D.C. — Employers cut 62,000 jobs in June, marking the sixth consecutive month that the nation has shed jobs, according to a government report released Thursday, deepening concern that the struggling U.S. economy could turn worse before it gets better.
The collapse in the real estate and mortgage industries, coupled with the specter of inflation fueled by the rising price of oil and other commodities, has crimped employers and left top policy makers and private analysts convinced that the economy is in for a prolonged period of sluggishness.
Of immediate concern to many economists is how the nation will emerge from the economic slowdown even as it faces inflationary pressures brought on by record-high oil and commodity prices. The price of a barrel of oil pushed near $146 before falling back Thursday, and it has increased about 50 percent since the start of the year.
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4 July 2008
at 10:07 a.m.
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repaste (Anonymous) says…
Not a word .. where is that economy is great crowd?
4 July 2008
at 2:09 p.m.
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texburgh (Anonymous) says…
Bush policies have led to economic stagnation (at best), a dollar that has never looked worse, record deficits, and an unnecessary war that has pushed oil prices into the stratosphere. Thank you W. And if you like it, vote for McSame, McBush, McCain - the man who stands by the president and promises to follow the same policies.