October job loss numbers were another dose of reality, and they included the revision of August figures as well. That brings the total to 15.9 metric asstons (15.6 imperial asstons) of negative payroll space. Fortunately, Richard DeKaser, chief economist for National City Corp. in Cleveland has been on-hand to walk us through the numbers. To wit:
"This is going to increase the urgency for another stimulus package to staunch the slide."
Everything from confidence to the renewed sink in oil and natural gas seem to have some connection to the jobs data today. Pretty dramatic. About half of the jobs lost in the United States year to date have been in the last three months.
Now, put about a 30-60 day lag before the first mortgage payments become a challenge for these new additions to "the list." Then, add another 90-120 days before defaults actually look like defaults. That might be a time period to pay attention.
Job losses soar, jobless rate at 14-year high [Reuters]