U.S. job losses soar

November 07, 2008

The American economy lost 240,000 jobs in October and the unemployment rate climbed to a high not seen since March 1994. Economists say the gloomy report will heighten fear of a prolonged economic slump, but should also quicken talk of a second economic stimulus plan as President-elect Barack Obama meets with his economic team. Speaker: Mickey Levy, chief economist, Bank of America Conway Gittens reports from New York.