Private Sector Sheds 157,000 Jobs in OctoberNovember 10th, 2008 - 9:44 am ICT by Amrit Rashmisrisethi
img src=”http://www.thaindian.com/newsportal/wp-content/uploads/2008/11/barackobama.jpg”alt=”Barack Obama” align=”right” hspace=”5″ vspace=”5″ /After the victory of Mr Barack Obama, the first data released on Wednesday to point to the huge economic challenges facing the US president-elect, with job losses.
The private sector shed 157,000 jobs in October, far more than the analysts had expected, according to the ADP National Employment Report. Most analysts expects the unemployment rate will rise from a five-year high of 6.1 per cent in September.
Obama campaigned for a sea change in politics after President George W. Bush’s eight years in office, defeating Republican John McCain to become the 44th US president.
The president-elect facing the biggest global financial crisis after 1930 the Great Depression including the rise in unemployment, falling land and property estates value when he takes office on January 20.
The US economy lost 159,000 jobs in September and shedding jobs for the 23rd consecutive month, by 126,000, while the manufacturing sector marked its 26th straight monthly decline, losing 85,000 jobs.
The country’s huge services sector finally felt a slow down in economy that contracted in 0.3 per cent in the second quarter. The private sector shed 31,000 service jobs, the first decline in the ADP report since November 2002, when the economy was emerging from recession.