Friday, January 8, 2010
-85,000 jobs lost; Unemployment stays at 10%
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.
Posted by Palmoni at 8:42 AM