Friday, Jun 05, 2009
Shock US unemployment numbers
Wall Street Journal: Job Losses at Smallest Level Since September
.S. job losses softened markedly last month, sending one of the strongest signals yet that the severe recession may be winding down.
Still, another jump in the unemployment rate to a fresh 25-year high served as a sober reminder that even if the economy does stabilize in coming weeks, a rapid return to growth is unlikely given the pressures households face from a sluggish labor market.
Nonfarm payrolls slid 345,000 in May, the U.S. Labor Department said Friday, well below the 525,000 decline economists in a Dow Jones Newswires survey had expected. Last month's drop was the smallest since September 2008, when the recession intensified in the wake of the collapse of Lehman Brothers.
** The consensus was -521,000 **
Posted by 51ck-6-51x @ 01:43 PM (795 views) Add Comment
5 Comments
- If you do not have an admin password leave the password field blank.
- If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user's views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
1. techieman said...
Good! Looks like the europhic blow -off phase of the trap to me.. ...S&Ps and FTSE off on a jaunt.
2. paranoia blue said...
Quote:
“The Labor Department said nonfarm payrolls fell by 345,000 jobs last month, decline is also the smallest since September. The unemployment rate rose to 9.4%, higher than the forecasts of 9.2% and up from 8.9% in April.”
However the second sentence is ignored! It is all smoke and mirrors. When the reality of this Fool’s Paradise finally dawns “the grit will really hit the pan!”
3. 51ck-6-51x said...
PB - The two things are different, however.
The latest from the B.L.S. is here
"Nonfarm payroll employment fell by 345,000 in May, about half the average monthly decline for the prior 6 months, the Bureau of Labor Statistics of the U.S. Department of Labor reported today."
" The number of unemployed persons increased by 787,000 to 14.5 million in May, and the unemployment rate rose to 9.4 percent. "
4. paranoia blue said...
Clickedly-click
Agreed, but thankfully Wall Street has now lost some of the initial euphoria, today.
The trouble is that this latest “bull trap” has been built on “not-so-bad-as-expected” news.” It is “total-denial-time” right now, which is being fuelled by, totally-inappropriate “glubbermint” intervention. It is NOT rosy out there. ATB Have a good weekend.
5. 51ck-6-51x said...
PB - totally agree - but there is onlly a fleeting effect, the markets read between the lines pretty well, one should view their opinion with squinted eyes.