Saturday, June 7, 2008

bleak forecasts

The nation's economy lost jobs,and unempoyment rose the most in 22 yrs. last month,causing the Dow to plummet 395 points.The price of a barrel of oil rose $10.75 yesterday alone-to $138.54.Analysts predict $150 a barrel by next month.$5 per gallon for gas can't be ruled out.Federal gov.announced 49,ooo jobs were lost last month and unemployment reached 5.5%, a full half point above the April number.Homebuilders,banks,and brokerages have been slashing jobs for months,but the firing has spread to retailers,manufacturers and airlines-thanks largely to spiraling oil prices.

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