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.


Anonymous said...

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

Anonymous said...

These numbers are numbing
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

Anonymous 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