Friday, April 3, 2009

U.S. Non-Farm Payrol: unemployment hits 8.5%

The Employment Situation: March 2009

Nonfarm payroll employment continued to decline sharply in March (-663,000), and the unemployment rate rose from 8.1 to 8.5 percent, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. Since the recession began in December 2007, 5.1 million jobs have been lost, with almost two-thirds (3.3 million) of the decrease occurring in the last 5 months. In March, job losses were large and widespread across the major industry sectors. In March, the number of unemployed persons increased by 694,000 to 13.2 million, and the unemployment rate rose to 8.5 percent. Over the past 12 months, the number of unemployed persons has grown by about 5.3 million, and the unemployment rate has risen by 3.4 percentage points.

Posted by 51ck-6-51x @ 01:35 PM (750 views)
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3 thoughts on “U.S. Non-Farm Payrol: unemployment hits 8.5%

  • 666
    Many thanks for posting this info, I’d been looking for it but couldn’t find it.

    I saw Gold dropping just before 1.30pm when the figures were being released, so I guess someone had their eye on the ball, had inside info, or just knew where to look for the figures as they came out.

    Do you feel that the sudden drop in Gold will be it now the figures are out and that this represents a buying opportunity or are you expecting more news that could push gold down further ?

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  • General Congreve says:

    As I understand it, the IMF said they were going to ditch 400 tonnes of gold last year, but never did. That was the catalyst for gold diving from it’s first 1000USD high in March 2008 to it’s low near 700USD low last November. There has been some very interesting discussion on the topic since yesterdays announcement, the main points that stood out for me were:

    1. Why would the IMF announce a sale to fanfare, it drives prices down and therefore reduces revenue, surely a gradual quiet sell off is best if they want to maximise their profits. Therefore what is their ulterior motive? Drive down gold to support weakening fiat? Allow the big money insiders to grab the gold from the IMF at the cheapest rate as they exit fiat because they can see the writing on the wall? Or just genuine concern to bail out the poor and they couldn’t help but shout about it? I know what I think. And it’s bullish for gold. They may have engineered a 30% drop last time, but this time I doubt it’ll fall that much and it’ll bounce back quicker and higher.

    2. It is rumoured the sale might be a concession to China, they’re pay a large chunk of that $1 trillion G20 promise of increasingly worthless dollars and have probably been promised valuable gold for the reserves in return. Again, bullish for gold in the end.

    3. Gordon sold a lot of our gold a few years back, what’s happened since? Looks bullish for gold again.

    At the end of the day, I’m looking at fundamentals and I don’t see any real way the west can keep their economies from tanking and their currencies from diving. Gold is the only real safehaven against this. It will prevail.

    Gordon or Gold?

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  • little professor says:

    Better than forecast.

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