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Unemployment and Payroll Losses Exceed Analyst Estimates
June’s unemployment rate increase was less than economists were anticipating, but the overall number of jobs lost was substantially higher than expected.
The unemployment rate crept up to 9.5% last month – its highest level since 1983, according to the latest report from the U.S. Department of Labor. That’s up from May’s 9.4% rate. Total job losses for the month were 467,000, far below the 365,000 economists at Briefing.com expected, which were also slightly off on their estimate of a 9.6% unemployment rate.
Of the sectors hurt most by payroll losses, none was worse than the service-providing industry, which saw a loss of 244,000…
6Jul2009 | Money Morning | 1 comment | ContinuedU.S. Economy: More Record Job Losses to Come
T.G.I.M (Thank goodness it’s March).
Unfortunately, that’s what investors were saying when they closed the books on January and times have only gotten worse. The economy is weaker; the markets are lower; consumers are more frightened; and businesses of all shapes and sizes continue to struggle.
February brought a comprehensive stimulus package, a blueprint for a complete budget overhaul, and several bailout plans. At some point, these ideas by the smartest men/women the country has to offer have got to start working (don’t they?). Analysts will be working overtime as data from housing, manufacturing, and labor is set to be reported. Bear…
2Mar2009 | Money Morning | 0 comments | ContinuedNON-FARM PAYROLLS DO LITTLE TO MOVE MARKETS, DOLLAR DECLINES AFTER EARLY RALLY
The dollar was mixed against the majors, as the early part of the trading session was preoccupied with economic data. The EurUsd fell 80pips to trading through 1.27, while the UsdJpy gained 90pips to the low 93 price area. The GbpUsd rose a little over 30pips to the low 1.47 level, after a volatile start being down as much as 100pips in intraday trading. Equities finished strong in the US with the Dow up 259pts on the Dow, while European stock indexes closed lower with the CAC down over 5% or 173pts. Bonds sold off late pushing yields as much 15bps higher…
5Dec2008 | Advanced Currency Markets | 0 comments | ContinuedWill the Loss of Consumer Credit Serve as the Next Economic Aftershock to Further Fuel the Financial Crisis?
U.S. consumers are already losing their jobs at an accelerating rate.
The same thing is now set to happen to their credit lines.
But with so many Americans already losing their main source of income – their jobs – at an ever-spiraling rate, will an economy that derives two-thirds of its power from consumer spending end up mired in its worst funk in decades because those same consumers are now losing their charge accounts?
Before you dismiss the possibility, consider this: The U.S. economy weakened across all regions since the middle of October as it became tougher to get loans and demand for…
4Dec2008 | Money Morning | 0 comments | ContinuedEconomy Enters Dangerous Waters as Job Losses Mount in June
Payrolls tumbled for the sixth consecutive month in June, bringing the total number of job losses in the first half of the year to 438,000.
Such a steep drop in employment could easily cause consumer spending to falter in the months ahead and drag the economy into a recession.
After shedding 62,000 jobs in May, U.S. employers slashed another 62,000 jobs in June, the Labor Department said last week. Builders reduced payrolls by 43,000 after cutting 37,000 employees in May. Financial firms cut 10,000 jobs in June after losing 3,000 the month prior. And factory payrolls dropped by 33,000 after…
7Jul2008 | Money Morning | Comments Off | Continued
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