Back to Story - Help
Payrolls drop by most in 5 years; more pain ahead By The Associated Press
Fri Oct 3, 3:21 PM ET



THE LATEST: Employers slashed 159,000 jobs in September, the most in more than five years and the ninth month in a row of nationwide job losses. So far this year, the economy has lost a staggering 760,000 jobs.

WHAT IT MEANS: With jobs harder to come by and the growth in workers' wages slowing, consumers are expected to hunker down further, spelling even more problems for the troubled economy.

THE OUTLOOK: More pain ahead even with Congress' unprecedented $700 billion financial bailout. The unemployment rate now at 6.1 percent probably will climb higher and employers are expected to keep cutting jobs in the months ahead. The economy may have stalled already or actually slid into reverse in the just-ended third quarter.