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CBS4 Your Money: A Week Jobs Lost Most In 34 Years

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Dec 6, 2008 7:33 am US/Eastern

CBS4 Your Money: A Week Jobs Lost Most In 34 Years

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MIAMI (CBS4) ― On Monday, it became official that the U.S. was in a recession since December 2007, and that sent stocks tumbling nearly 700 points.

On Tuesday, there was more bad news for the automobile industry: November sales dropped 41 percent at General Motors, 31 percent at Ford and a staggering 47 percent at Chrysler.  

Then, Wednesday, retail statistics reported that the economy was getting gloomier. Over  the holiday season, retail sales showed shoppers were being cautious and not spending.

On Thursday, the chairmen of the Big Three automakers were back on Capitol Hill, driving from Detroit in their hybrids, and asking for an estimated at $34-billion.

At the close of the week, the latest employment figures showed a record-breaking 533,000 jobs lost in October, the worst in 34 years. 

The stock market – down most of the day – rebounded into positive territory, almost 300 points, for technical reasons along with the giant Hartford Insurance company reporting how it's weathering the poor economy.

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)

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