(October 15, 2009) Employers cut another 263,000 jobs in September and the unemployment rate rose to a 26-year high of 9.8%, raising worries that the persistently weak labor market could undermine a nascent economic recovery from the worst U.S. recession since the Great Depression.
The economy, by most accounts, has begun to grow again. But the last Labor Department report underscored the risk that without jobs, consumers won't have income to spend and that will restrain growth and give employers little reason to resume hiring after 21 consecutive months of job losses. (read more)
ON THE FLIP SIDE
Investors are likely to find even more signs that the worst of the recession has passed when Google reports its third-quarter results Thursday. The Web-search company is forecast to post year-over-year revenue growth of 4.7%, excluding revenue paid to partners, for a total of $4.23 billion for the quarter, according to analysts surveyed by Thomson Reuters. That is up from 3% year-over-year revenue growth in the second quarter and up 3.9% sequentially. (
The Wall Street Journal
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