Vanishing jobs, stressed consumers feed downturn

Financial Crisis Posted on

Ford Motor announced plans Friday for more layoffs, the latest in a vicious cycle of vanishing jobs and stresses on American consumers that is spelling deeper trouble for the already sinking U.S. economy.

In reporting that it lost $129 million in the third quarter and went through $7.7 billion in cash, the automaker also said it will cut another 10 percent of its North American salaried work force costs as it tries to weather the worst economic downturn in decades.

The Labor Department's unemployment report was expected to show net job losses for October to total about 200,000. The unemployment rate, now 6.1 percent, is expected to rise to 6.3 percent. If it does, it would match the highest unemployment rate that was logged after the last recession, in 2001.

The jobless rate hit 6.3 percent in June 2003 and then started to drift downward.

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