Job Crunch Too

We lost a staggering 159,000 jobs in September.

Employers made deeper cuts in their payrolls in September, according to the Labor Department's monthly jobs report, as the economy experienced the biggest drop in jobs in more than five years.

There was a net loss of 159,000 jobs in September, the ninth straight month the U.S. economy has lost jobs. The August job loss was revised to 73,000 jobs, taking year-to-date job losses to 760,000.

The unemployment rate remained at 6.1%, the same level as August and in line with economists' forecast.

We're on pace to now lose a million jobs by January 1, folks. That's not good. Since Bush took office, America has lost over 2 million jobs in eight years, and will most likely lose another 400k or so before 2009. Keep telling yourself that Obama/Biden are going to kill jobs, as Sarah Palin shrilly warned last night. It's the Republicans that have cost us jobs. Those are facts.

Stocks are up this morning erasing most of yesterday's losses because people figure the horrendous jobs numbers are good for making the House pass UberBailout Mark II. Should the bill go to a vote and pass today, it could be a banner day in the market.

Right until the next 400 point loss.