We have deepened our forecast of the change in payroll employment for October to -300,000 from -250,000. … The drop in payrolls we are now forecasting would be one of the worst month-over-month declines in the past twenty years. … Unfortunately, there is no guarantee that the October decline in payroll employment will be the worst of this cycle. Real activity appears to have contracted sharply in October and … could well bleed into November and cause another large drop in payroll employment …
