Friday, June 5, 2009

The unemployment numbers were ugly

These numbers weren't good. There was way too much cheerleading going on by CNBC over these numbers.

We lost 345K jobs and the number of the unemployed workers increased by 787,000. The U-6 rate is now 16.4%, up from 15.8%. That means as jobs become available, those who aren't counted as unemployed are looking for work. And 9.084 million workers are working part time this month, compared to 8.910 million in April.

The BLS birth/death model added 220,000 jobs--77,000 in leisure industries alone! Last May, in a better economy, the BLS plugged in 176,000 jobs in their birth/death model. I find this peculiar. The BLS had the highest estimates for jobs, for May, as they had in the last ten years!

What we can say from today, is that the statistics showed that the rate of job losses had slowed.

That's small comfort to those unemployed.

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