Boeing, the nation's largest manufacturer of commercial jets, said it will fire as many as 30,000 employees. Many of those workers haven't yet received pink slips. Manufacturing employment tumbled by 93,000 in September -the 14th consecutive decline. The manufacturing sector has lost 1.1 million jobs during the past 14 months. The service sector lost 102,000 jobs in September, after a 64,000 increase a month earlier.
Many people are woefully unprepared for unemployment.
That number doesn't include stock investments or capital gains. Business confidence and spending plans declined even before the terrorist attacks. The Conference Board's Measure of Business Confidence slipped four points to 48 in the third quarter. Responses were gathered before Sept. 11. Measures to boost security following the terrorist attacks are expected to dampen global trade, as the movement of goods slows.