The American economy lost 263,000 jobs in September — far more than expected — and the unemployment rate rose to 9.8 percent, the government reported on Friday, dimming prospects of any meaningful job growth by the end of the year.
The Labor Department’s monthly snapshot of unemployment dashed hopes that the pace of job losses would continue to slow as the economy clawed its way back from a deep recession. Economists had been hoping for 175,000 monthly job losses.
NEW YORK (CNNMoney.com) — U.S. stocks were set to open lower Friday as investors reacted to a worse-than expected government report on the job market.
At 8:36 a.m. ET, S&P 500, Nasdaq-100 and Dow Jones industrial average futures were lower, with losses deepening after the release of September job data.
Futures measure current index values against their perceived future performance and offer an indication of how markets may open when trading begins.
Oct. 2 (Bloomberg) — The Senate Finance Committee, ending its debate over the biggest changes in the U.S. health-care system in four decades, agreed to protect millions of Americans from the legislation’s most punitive taxes and penalties.
The panel voted to spare retirees and employees in high- risk professions from a new tax on the costliest insurance plans, reduce or waive fines for people who fail to buy coverage and give states money to help insure low-income Americans.
The last-minute revisions clear the way for committee passage as early as next week of the only health-reform legislation that may attract Republican support in Congress.
Bangkok, Thailand – Relief efforts continued Friday in the stricken Indonesian city of Padang, near the epicenter of Wednesday’s 7.6-magnitude quake. Rescuers are still digging through the rubble of ruined buildings and homes and, in rare cases, pulling out survivors.
Aid workers are also focused on helping residents left destitute by the disaster. Tens of thousands are estimated to be homeless or afraid to sleep inside unsound buildings, and makeshift shelters have sprouted around the city, much of which lacks access to electricity and water.
No new sanctions were ever likely to be imposed on Iran at the meeting in Geneva, no matter what Iran said. None now will be imposed until next year at the earliest.
But while even Russia seems to think that some punishment is inevitable if Iran does not change course, the purpose of sanctions becomes less clear as time passes.
Even if both the Russians and the Chinese agree to tough measures, analysts do not believe they would stop Tehran completing a nuclear device should it wish to do so.