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Government debt prices move higher after Labor Department reports unemployment rate spiked to 10.2%. Treasury prices were higher Friday after the government reported that unemployment spiked to 10.2% — its highest level since April 1983.
The jump raised demand for the perceived safety of government-backed debt, which typically attracts investors in times of economic uncertainty.
The U.S. unemployment rate jumped from 9.8% to 10.2% in October, the U.S. Bureau of Labor Statistics reported on Nov.6. That rate exceeds economists’ estimates of 9.9% and is the highest since April 1983.
Nonfarm payroll employment declined by 190,000, more than the 175,000 jobs that economists had forecast. The largest job losses in October were in construction, manufacturing, and retail. The economy lost 219,000 jobs in September, revised from a previous estimate of 263,000. In the last three months, job losses have averaged 188,000 per month, compared with an average of 357,000 during the prior three months.
NEW YORK (Reuters) – CIT Group Inc’s bankruptcy case was reassigned on Monday to U.S. Bankruptcy Judge Allan Gropper following the recusal of Judge Robert Gerber, who had been assigned the case hours earlier.
A courtroom deputy for Gropper said Gerber recused himself from the case. The deputy did not give a reason for the recusal. Gerber’s chambers had no immediate comment.
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Credit card and other personal debt is an unfortunate fact of American life. Our consumer society bombards us with buy-it-now messages through every conceivable advertising medium. Of those households that have credit cards, about 58 percent carry a balance, according to the Federal Reserve. This is an alarming statistic that should get everyone’s attention.
Upcoming Credit Card Protections
Effective Date
• Most of the new law would go into effect 9 months after the date of enactment.
• The 45 day notice requirement and the requirement that bills are sent 21 days before the due date go into effect 90 days after the date of enactment. Read the rest of this entry »