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Friday, October 2, 2009

Job losses of 263,000, 9.8% unemployment rate


U-6 rate goes to 17%.

Average work week hours was 33 versus 33.1.

That is consistent with greater job losses than 250,000.

We now have an "unofficial" unemployment rate of 17%.

The seasonally adjusted civilian labor force declined to 154,006,000 from 154,577,000 a contraction of 571,000 people. They aren't counted.

Without seasonal adjustments, the civilian labor force declined to 153,617,000 from 154,897,000 a drop of 1,262,000 people.

That's why the U-6 rate is now up to 17%. The government doesn't count these people.

These numbers are numbing.

6 comments :

Anonymous said...

was there more program trading to bring the market back up? really crazy

Anonymous said...

These numbers are numbing
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and thats why Rosenberg is an idiot but you that think that this is just another shallow pullback are a genious... Stupid bears...

Palmoni said...

Rosenberg hasn't figured out that economic news doesn't translate into lower stock prices, when stock prices discounted a great depression.

By beef with Rosie has been his market calls--not the quality of his research. His conclusions are just wrong.

It looks like 1020 held--that is a shallow pullback

LongShort said...

So, Palmoni .. i am taking a trip on the cautious side. Many indicators seem to be rolling over (copper, china, PMIs, Nikkei, bonds).

I could be wrong as everyone needs a strong close to the year to get paid, which means corrections will be shallow and supported.

But, short term i am a bit cautious.

Anonymous said...

hell of day, keep it up!

Palmoni said...

L/S X looks like it is back in play again. It's pulled back from 50ish