Unemployment Tops 6% Level
August ushered in an unemployment rate of 6.1%, the highest level in five years, says a Bureau of Labor Statistics report released today. In August, 84,000 jobs were eliminated putting the year’s total jobs lost at 605,000. The steadily climbing unemployment rate — it was 5% in April — is a sign of a recession, some economists say. Amid anxiety about the economy, both presidential candidates are talking about economic stimulus packages. (For more on this news, click here.)
U.S. On Verge of Fannie and Freddie Rescue
U.S. officials tell Fannie Mae and Freddie Mac executives the government is close to placing the two companies under government control, the New York Times reports. It appears likely that Fannie and Freddie board members would be given the boot and that shareholders would be wiped out — but with government backing, the companies would be able to stay in operation. (For more on this news, click here.)
SMARTMONEY ® Layout and look and feel of SmartMoney.com are trademarks of SmartMoney, a joint venture between Dow Jones & Company, Inc. and Hearst SM Partnership. © 1995 - 2009 SmartMoney. All Rights Reserved.
| Login
Comments