"The problem with this economy is different now than when I first started in the workforce," Coates said. "It's harder to get a job lately, and a lot of companies are downsizing."
The economy's fate is bearing down on the presidential contest, with Americans telling pollsters that economic recession is their top concern. Both major candidates -- Republican Sen. John McCain and Democratic Sen. Barack Obama -- addressed job losses from the campaign trail.
Speaking in a windy high school football stadium in Abington, Pa., Friday, Obama contended that the loss of payroll jobs was a direct result of the economic philosophy embraced by McCain and the Republican administration.
"This is the economy that my opponent said made 'great progress' under the policies of George W. Bush, and those are the economic policies that he proposes to continue another four years," Obama said. "So when Sen. McCain and his running mate talk about job killing -- that's something they know a thing or two about."
McCain, in turn, blamed entrenched politicians in Washington and greedy interests on Wall Street for the nation's economic turmoil, and told supporters in Pueblo, Colo., that the consequences were most dire for hardworking Americans like themselves.
"No one in this room doesn't know someone that's struggling to keep their job, their home, their healthcare, educate their kids," he told thousands packed into a town hall at the Massari Arena at Colorado State University's Pueblo campus. "There's no one in this room that doesn't know that this is the most severe financial crisis we have faced in our lifetime, and there's no easy answers to it."
"Our first goal and our only objective is to help Main Street, not Wall Street and not the corruption and evil that's in Washington, D.C., either," he said.
The unexpectedly high job losses -- many analysts had expected the number to be closer to 100,000 -- came on the same day that the House of Representatives successfully passed the $700-billion rescue plan for the financial system. Despite that vote, stocks declined Friday, in part because of anxiety over the economy.
The grim employment picture also triggered speculation that the Federal Reserve would attempt to pump some adrenaline into the faltering economy soon by lowering its benchmark interest rate, now at 2% -- perhaps acting even before its regularly scheduled meeting at the end of the month.
