US Labor Dept reported the biggest monthly job loss today (Oct-3) in past five years with an unemployment rate at 6.1% nationwide, where as Michigan's unemployment rate (8.5%) has always been about one percentage point higher than that of any other state. Click on the graph which compares the national & Michigan's jobless rates since 1988 under republican & democratic presidents. The contrast is startling between administrations and no wonder John McCain pulled his campaign out of Michigan yesterday and has conceded an unofficial defeat in Motown. Indeed, the US economy is now catching cold long after Detroit got the flu.- Jobs Report Underlines Economic Decline (NY Times)
- Crisis Hits Main Street as Employers Cut More Jobs (Bloomberg)
- Jobs Data Show Broad-Based Decline (Wall street Journal)
