The market was prepared for a bad report this morning but it was worse than expected!
The job report showed a loss of 533,000 jobs. Ouch! The bigger ouch.. this was the biggest job loss in 35 years!
It was only the fourth time in US history that our economy lost more than 500,000 jobs (in the monthly report). Adding to the pain... September and October job numbers were modified to show an additional job loss of 199,000.
The market is all over the board this morning with re-price alerts. One minute there is an improvement to the rates and the next minute rates are "back up". So we will just have to see how the market reacts.
That is a lot of people out of work! The unemployment rate rose to 6.7% the highest rate since 1993. I really feel for these people and their families.
Another wake up call to be grateful for those of us still standing!
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