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Woman of the week |
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Cannes President
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Talented Isabelle has been appointed as the president of the Cannes jury for 2009. She is the fourth woman to head this committee...
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Today's Celebrity |
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Producer Jessica Biel
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Jessica Biel’s co-production ‘Hole in the Paper Sky’ is set to release in Australia. This actress who wore the producers cap for the first time, loved hopping around the sets making coffee for the crew.
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240,000 Jobs Lost in October
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Written By:
Vivek Sharma
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Worldwide unemployment rate bolted to a 14-year high of 6.5 percent in October as another 240,000 jobs were cut and as per the economists, worse is still expected. It has been anticipated that the economy is deteriorating at an alarmingly rapid pace and bleak future is predicted.
The new job snapshot, released by the online business magazine, showed the crucial jobs market quickly eroding and the jobless rate has zoomed to 6.5 percent in October from 6.1 percent in September, matching the rate in March 1994. Talking on the records, unemployment has now surpassed the high seen after the last recession in 2001, as the jobless rate peaked at 6.3 percent in June 2003.
If we look at the October’s decline, it marked the 10th straight month of payroll reductions, and government revisions showed that job losses in August and September turned out to be much deeper. Statistically talking employers cut 127,000 positions in August, compared with 73,000 previously reported and a whopping 284,000 jobs were axed in September, compared with the 159,000 jobs first reported.
Business week magazines reported that the unemployment report was worse than expected, and was accompanied by more bad news from the auto sector. For instance, Ford Motor Co. reported dismal third-quarter results and announced plans to cut more than 2,000 additional white-collar jobs, and same went for General Motors and it lost $2.5 billion in the third quarter and could run out of cash in 2009.
Despite this fall, Wall Street investors appeared to take it in stride and the Dow Jones industrial average was up sharply after steep losses in the previous two sessions. About 10.1 million people were unemployed in October, an increase of 2.8 million over the past year. A year ago, the unemployment rate stood at 4.8 percent. President Bush commented that the dismal employment figures reflect “the difficult challenges confronting the economy” and urged the country to have patience, saying a flurry of unprecedented government measures — including a $700 billion financial bailout package — will take time to work.
Market experts still feel that the employment market is much weaker than economists expected and as they were forecasting the unemployment rate to climb to 6.3 percent in October and for payrolls to fall by around 200,000. Job losses were widespread, reflecting the mounting carnage from a trio of crises — housing, credit and financial. In last few months, factories cut 90,000 jobs, the most since July 2003. Whereas, construction companies got rid of 49,000 jobs with heavy losses in home building. Same did the retailers, as they cut payrolls by 38,000.
All these losses more than swamped some gains elsewhere, including in the government, as well as in education and health care.
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08 Nov 2008
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