- The Washington Times - Wednesday, November 5, 2008

U.S. markets on Wednesday responded sluggishly to the news of Barack Obama’s election to the presidency, as worse than expected job loss numbers were released and a tightening job market was predicted.

The Dow Jones Industrial Index fell by almost 200 points at its opening and was down by at least 100 points all morning.

The tech-heavy NASDAQ and Standard and Poor’s 500 indices were also down by about two percent each.

Private companies cut 157,000 jobs in October, according to a report by ADP Employer Services.

Job losses among private companies had been expected to be about 100,000.

ADP also predicted a worsening job market, in advance of the Labor Department’s payroll report on Friday.

Joel Prakken, chairman of Macroeconomic Advisers LLC, told Reuters that it is entirely likely” that up to 200,000 jobs will be lost a month in the coming days.

Copyright © 2018 The Washington Times, LLC. Click here for reprint permission.

The Washington Times Comment Policy

The Washington Times is switching its third-party commenting system from Disqus to Spot.IM. You will need to either create an account with Spot.im or if you wish to use your Disqus account look under the Conversation for the link "Have a Disqus Account?". Please read our Comment Policy before commenting.

 

Click to Read More and View Comments

Click to Hide