Wednesday, November 5, 2008

Back Pedalling like a Monkey in the Circus!!!!!


It will be hard to create jobs
Unemployment is likely to rise during the first year of Obama's term, no matter what steps he takes.

NEW YORK ( -- Here's the challenge facing President-elect Barack Obama as he weighs how to create more jobs: another half-million jobs likely will be lost between now and Inauguration Day.

That's not even counting the 200,000 jobs that economists believe employers trimmed last month, according to estimates from The October jobs report will be released this Friday.

The unemployment rate is expected to climb to 6.3% from 6.1% and match the worst reading of the decade. And economists all seem to agree the worst is yet to come.

At some point next year the unemployment rate is forecast to pass 7%, a level not seen since 1993.

And monthly job losses of 200,000 or more are expected to become the norm, not the exception, as the full impact of the credit crisis is felt more keenly on Main Street.

Economists generally believe there's little Obama can do to stop more job losses in the short-term, even if he's able to get a new economic stimulus package passed by the lame-duck Congress and signed into law by President Bush.

"Superman couldn't change what's in store for the U.S. economy. It's going to be ugly," said Rich Yamarone, director of economic research at Argus Research.


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