Stressed consumers feeding economic downturn
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AP
Published: November 7, 2008
A vicious cycle of vanishing jobs and stresses on American consumers are spelling deeper trouble for the already sinking U.S. economy.
When he takes office, President-elect Obama will have to address serious economic woes that include a housing collapse, mounting foreclosures, hard-to-get credit and financial market upheaval.
Employment will also be a big concern. There were 760,000 jobs cut over the first nine months this year. And analysts expect the government’s monthly jobs report Friday will show another 200,000 were eliminated in October. The unemployment rate, now 6.1 percent, is expected to rise to 6.3 percent. Many believe it will climb to 8 percent or even higher next year.
That means Obama will need to move swiftly to select his Treasury, Commerce and Labor Secretaries.
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