Dismal jobs report

CNN Money.com's Poppy Harlow reports on recent market conditions and jobless numbers.

And I'm glad that we have Poppy Harlow back today after a brief hire rate because, boys, there are a lot to talk about record breaking amount in November was and not a good way. Let's get Poppy Harlow from CNNmoney.com in New York. Hey, Poppy.

Hey, there Reggie. Yeah, record breaking in terms of the unemployment rate, the jobless claims came in. Some bright news to share with you! Let's pull the big board up, if we can and show you what stocks are doing right now. The Dow is up there 147 points nearly, the NASDAQ S&P in the green. Now they are reverse-coming really in the last half an hour. The market was down about 200 points earlier in the day, because of the bad news as I told you about. We are talking about more than half of a million Americans filing unemployment claims last month alone. Take a look here at our headline, 1.9 million jobs. That's amount of jobs we've been lost in this country so far this year. It's really a staggering number. It doesn't even include the job loses we've heard about this, we, when we saw, 33,000 job cuts. Let's go through what these numbers mean. Well, 1.9 million and there's more jobs lost just in the first eleven months this year that we've lost. And the entire recession back in 2001, and 2002, it has brought an unemployment rate up to 6.7 percent up from 6.5 percent. Some economists say that could head 8 percent by the end of the year, Reggie. So dismal news! If you do have a job, you are probably wondering how can I hold on under this job. We have a piece on our site that can help you with that, let's call, five tips for keeping your job. The first one is "Being visible", let your boss know, "Hey, I'm there." The second one is “Don't be a maverick” as it is not the time to push the...

I'm writing this down by the way. I'm writing down.

Okay, good luck to you and me too. It's not the time to push the outlook. The rest of those are on our site. Bus as you can see, I mean we know whether the job cuts are coming. And I wanna talk with the automakers here because of course the CEOs of Detroit's big three wrapped up their hearings on Capital Hill today. And this is a map right here that shows you all the auto-related jobs in this country. We pull up Michigan here and that shows you 250,000 jobs in Michigan alone. Nearly that number are, are the auto-related jobs. This map is on CNNmoney.com. You can click on your state, see just how a failure if one or all of the big three automakers would affect people in your state, Reggie. So those are the big headlines today. What would the fate of the automakers be? And also, Reggie, of course, what would happen to the markets? I don't know where are from almost 200 points right now? Maybe we are under the green.

It's, it's a very strange. And I'm glad that you brought up that map, because that actually goes to when, one of the members of congress on the committee today was asking me. She's trying to nail it down. Okay, what does this mean to the average person across the US? And they are having a hard time answering the question. She is getting frustrated. So perhaps that will help poor others too. Can you tell us a little bit about what we heard today, (sure,)if this, if they're making any headway on congress with this, potential bailout?

You know, it's hard to tell, because there are so much back and forth as lawmakers are pushing them hard, saying, "Hey, for we're gonna give you billions of dollars in a bridge loan, a bailout and whatever you wanna call, we wanna see why you need it, and how much you need and what jobs depend on this? General Motors today adding on that their raggie singer they are gonna cut another 2,000 jobs, they are gonna cut some shifts at three of their plants. I want to bring in some sound here, let you listen to some of the lawmakers. You'll see just how contentious it is. Take a listen.

This idea that it's, it's late, guys, you gotta pass it, you gotta do it. I announced it. I'm afraid a lot of people are overestimating the willingness of a good limb number of members of congress to play and check it. And I think it would be a terrible game to experience a game of checking, and see the auto motor industry go down because of it.

We need encourage Americans to start buying cars again and there has a lot into the plans. We should give Americans tax incentives, tax quotas to encourage them to buy cars. None of your plans has any statement, aside from one sense on Page 26 of GM's about how we get the sales moving again.

As you can see, as you can see Reggie, it's a very contentious issue. It seems like every lawmaker wants something different. But the hearings are now over, and we will see next weekend, possibly over this weekend if there is a bail, a bailout, bail, they will be, ur, considered by members of congress and again, the big question, if there is that bridge loan to the automakers, will it come from the money set aside by top by that 700 billion dollar bailout, or will it be new legislation and a separate amount of money? But we know the automakers are asking for 34 billion dollars, Reggie.

Yeah, I'm really interested to see where this would go coz our audience has, I'll be looking at the emails, pretty carefully today, they are really split on this issue.

Yeah, yeah, I think as most of reasons in CNN opinion researcher Co Paul said, "More Americans don't favor a bailout (right),did you?." but again...

Right, six out ten don't want it.

Right, there you go. So we'll see, but these lawmakers are answering to their constituency, but at the same time, you don't wanna see millions of people lose their job.

Alright, Poppy Harlow, we would be watching carefully and checking in with you next week. Have a good weekend!

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