Economy sheds most jobs since 2003, more cuts seen

By JEANNINE AVERSA, AP Economics Writer
1 hour, 52 minutes ago

Jobs are vanishing at the fastest pace in more than five years with pink slips likely to keep stacking higher in the months ahead, an urgent signal the country may be careening toward a deep and painful recession just as Americans prepare to elect a new president.

Whether that's Democrat Barack Obama or Republican John McCain, one of them will be dealing with the weakest employment climate in years.

Increasingly skittish employers dropped the ax even harder in September, chopping payrolls by 159,000 — more than double the cuts made just one month before. It was the ninth straight month of job losses. A staggering 760,000 jobs have disappeared so far this year.