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http://www.cnbc.com/id/31121301

Job Losses at 345,000, Less Than Forecast; Rate at 9.4%

By: Reuters | 05 Jun 2009 | 08:36 AM ET

U.S. employers cut 345,000 jobs last month, the fewest since September and far less than forecast, according to a government report on Friday that was more evidence the economy's severe weakness was diminishing.

However, the Labor Department said the unemployment rate raced to 9.4 percent, the highest since a matching rate in July 1983, from 8.9 percent in April.

Financial markets cheered the news, with stock futures moving strongly positive after earlier indicating a slightly higher open for Wall Street. Bond prices moved lower, with the 10-year Treasury note yield popping to a fresh six-month high of 3.88 percent.

March and April's job losses were revised down to show a smaller declines of 652,000 and 504,000, respectively.

Analysts polled by Reuters had forecast non-farm payrolls dropping 520,000 in May. The unemployment rate had been forecast to rise to 9.2 percent.

While the job losses in May were spread across almost all sectors, the pace of layoffs was slower than in prior months.

Payrolls in construction industries fell 59,000 after dropping 108,000 in April, likely as a result of the government's historic $787 billion stimulus package.

The service-providing industry shed 120,000 positions after eliminating 230,000 in April. The manufacturing sector purged 156,000 jobs in May, likely reflecting auto plant shutdowns in the wake of Chrysler's bankruptcy filing. The sector shed 154,000 in April.

Education and health services sector payrolls expanded by 44,000 after increasing 13,000 the prior month. Government, which in April added 92,000 jobs, mostly related to preparations for the 2010 census, cut 7,000 positions in May.

Since the start of the recession in December 2007, the economy has lost 6.0 million jobs, the department said.

Look what all the money printing did. Isn't it marvellous??

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Unemployment (Household Survey Data)

The number of unemployed persons increased by 787,000 to 14.5 million in May, and the unemployment rate rose to 9.4 percent. Since the start of the recession in December 2007, the number of unemployed persons has risen by 7.0 million, and the unemployment rate has grown by 4.5 percent-

age points.

http://www.bls.gov/news.release/empsit.nr0.htm

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U.S. employers cut 345,000 jobs last month, the fewest since September and far less than forecast
However, the Labor Department said the unemployment rate raced to 9.4 percent

hmmmm....OK.

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I should note that the U.S bank stress test took unemployment at 9% by the end of they year. It's over 9% and it's only June.

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I should note that the U.S bank stress test took unemployment at 9% by the end of they year. It's over 9% and it's only June.

Indeed. ;)

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I should note that the U.S bank stress test took unemployment at 9% by the end of they year. It's over 9% and it's only June.

You appear to be forgetting about the recovery and the jobs that his will create bringing down the unemployment level, back below 9%.

The stress tests where very robust and clearly took the worst case scenario as the basis for the models.

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http://www.cnbc.com/id/31121301

Job Losses at 345,000, Less Than Forecast; Rate at 9.4%

By: Reuters | 05 Jun 2009 | 08:36 AM ET

Look what all the money printing did. Isn't it marvellous??

Believe it or not, recessions come and recessions go. In the cycle of a recession we see that job losses are usually the last part of the cycle. Job losses are slowing. In 3 to 6 months we will see this stop completley and hiring will resume. Banks are hiring on Wall Street already. Bad photo I know but its clear what it says.

Edit for spaeeling -

IMG00157.jpg

post-21047-1244210333_thumb.jpg

Edited by Gideon Gono

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Lat month non farm was 539K or 504K revised and this month 345K which is 64 or 68%

So between 32% and 36% down from last month.

Unemployment claims out yesterday were 621K down from 625K/623K revised

Which is the same or 1%.

More like they went down by a third.

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You appear to be forgetting about the recovery and the jobs that his will create bringing down the unemployment level, back below 9%.

The stress tests where very robust and clearly took the worst case scenario as the basis for the models.

Oh yes of course! ;););)

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Guest DissipatedYouthIsValuable

God Bless the Amewikan Wecoveweh!

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Believe it or not, recessions come and recessions go. In the cycle of a recession we see that job losses are usually the last part of the cycle. Job losses are slowing. In 3 to 6 months we will see this stop completley and hiring will resume. Banks are hiring on Wall Street already. Bad photo I know but its clear what it says.

Edit for spaeeling -

All we have had is a temporary boost due to bailouts and money printing. The fundamental structural economic problems still exist, but have simply been papered over.

We are in temporary fiscal calm before the next leg down begins. This depression has another 5+ years to go.

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All we have had is a temporary boost due to bailouts and money printing. The fundamental structural economic problems still exist, but have simply been papered over.

We are in temporary fiscal calm before the next leg down begins. This depression has another 5+ years to go.

I disagre. You are right we will see another smaller less aggressive or shocking leg down (because nothing goes down or up in a straight line) but it will bottom out at max middle of next year.

If you read the predictions on this site from a year ago we should all be eating dogs and living in a mad max world by now. That hasnt happened and life will go on.

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If you read the predictions on this site from a year ago we should all be eating dogs and living in a mad max world by now. That hasnt happened and life will go on.

With respect it was mostly the hyperinflationist tin foil hatters.. but you have to remember this is a pretty broad church.

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Massage, massage

http://www.reuters.com/article/businessNew...me=businessNews

U.S. private sector axes 532,000 jobs in May

"NEW YORK (Reuters) - U.S. private employers chopped more than half a million jobs in May, signaling job conditions remain tough and dashing some hopes the economy was not deteriorating as rapidly as thought, a report on Wednesday showed.

U.S. companies axed 532,000 jobs last month, though this was fewer than the revised 545,000 jobs lost in April, according to the ADP National Employment Report.

The April figure was originally a decline of 491,000.

The median forecast of economists surveyed by Reuters for the ADP Employer Services report, jointly developed with Macroeconomic Advisers LLC, was for a loss of 520,000 private-sector jobs in May.

The ADP job reading is seen as a predictor of the government's monthly payroll figure. The Labor Department will release its May employment report at 8:30 a.m. on Friday.

The median forecast for the government payroll figure was a decline of 520,000 in May, compared with a 539,000 drop in April.

"

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With respect it was mostly the hyperinflationist tin foil hatters.. but you have to remember this is a pretty broad church.

Let us pray.

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