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Friday, January 8, 2010

-85,000 jobs lost; Unemployment stays at 10%


Still a tough job market.

If you needed to show jobs, this was the month to do it.

Workforce declined by 661,000? The U-6 rate went up to 17.3%?

That isn't good news, and that means the Government statistics are once again, telling a rosier story than what is actually happening.

And next month, we'll have a dismal report, because the BLS will get rid of the fantasy jobs that they said were created.


 
Obama, is speaking at 2:40 pm in the East Room today, without a teleprompter, and he's talking about jobs.

So once again, we have corporations squeezing the workers, increasing profits by this "productivity" miracle, on the backs of workers worried about job security, and once again, we'll have another call for more help from Uncle Sam.

Goldman Sachs said that the Fed won't hike rates until 2012, and they also said that the Unemployment Rate would peak at 10.75% this year.

At least now, the rate hike calls get pushed back a bit, with this report.

And that's the only good news from this report.

12 comments :

Anonymous said...

Are you surprised?

And if so, are you surprised that employment isn't improving yet, or just that the numbers weren't "adjusted" more positively?

Anonymous said...

And does this change your Jan 7% prediction?

I'm thinking this means more stimulus, more QE, 0% rates for the foreseeable future, stocks go higher.

Palmoni said...

I'm surprised by the jobs number, but I don't think it affects the market. I agree with anon that stocks go higher because of more QE and lower rates.

Pollyanna lives!!

Anonymous said...

Any under 10 picks you can share? Missed out on your DHI.

palmoni said...

yeh DHI was an easy plodder! Goldman put DAN on their buy list today--they like it at 11 but not at 20 cents!--with a six month taget of 15--but they talked up truck biz etc. I still like AXL--if DAN is good, why isn't that?

And AXL doesn't give you any grief--just a slow plodder that just takes time to give you a higher print

palmoni said...

also when SCHN reported --what was their biggest upside? The auto parts business--and look at my CMI!!! Rocking!!!!!!!

Anonymous said...

what's your target for AXL? seems like it's up from 8 to 10 since you touted.

Palmoni said...

I think it goes to 17

do you play options? its easier finding coin in that arena!

Palmoni said...

If you do check out CAT and DE they have sat enough that they can run now

Anonymous said...

i can't play options right now. So i'm always looking at your touts on just stocks. It's okay...if i can gain a buck or two i'm happy. Thanks for always being so generous and helpful.

I can't play options b/c i forgot to set it up that way and i need my wife to sign the docs...lol...don't want her to see the losses the last years.

Palmoni said...

haha!!!!!!!!!!

We've all had stuff like that!

Next Thursday IMMU presents at the JPM conference--they touted a patent on this Lupus technology today. Goldman took HGSI off its buy list. Maybe Wall Street wants to goose this.

I don't have an opinion on it--just a momentum chase, because I'm need something else on my screen to watch!

love that story with the wife tho!

same thing with one of my buddies!

Anonymous said...

i love her...money is the root of all evil...she is 100% risk adverse...and that's fine...nothing worth creating a storm over for some fun.