If working Americans had any doubt about where the Bush administration's management of the economy had taken them, and where another Republican president might lead, the job losses for September made it frighteningly clear.

The economy lost 159,000 jobs last month, the worst figure in five years, which capped nine straight months of losses totaling 760,000, according to the Labor Department. The American economy needs to gain an estimated 150,000 jobs per month simply to absorb new employment seekers.

The contraction of the economy that last week's $700 billion bailout is designed to counteract has scarcely begun. Given yesterday's plunge in the Dow, the most brutal effects on the job market may still be ahead.

Even though large banks and investment firms may have been saved and some of the wreckage among distressed mortgage holders may have been averted, there is still danger lurking for working Americans and worse for the unemployed.

For one thing, forecasts say consumers may be spending less in coming months, including the critical holiday shopping season. There could also be more defaults on credit-card debt and auto loans as jobs are scaled back. Last week, for instance, General Motors accelerated the closing of an assembly plant near Dayton, cutting jobs for 1,100 workers.

Fear is in the air, but it isn't fear itself that worries Americans. It is the feeling that those who govern don't know how to preserve an economy in which workers can make a living.