Our Awful Situation

Archive for the ‘Employment’ Category

Dow falls on poor jobs report, oil at $133 per barrel

Posted by Charlie Kilo on June 6th, 2008

The Dow is taking a hit today due to bad news on several fronts:

Stocks plunged after the sharpest jump in the unemployment rate in more than 20 years and news that wholesale inventories ballooned. Oil jumped more than $6 a barrel.

The employment report showed that U.S. employers cut jobs for a fifth straight month. Nonfarm payrolls shed 49,000 jobs in May, better than the 58,000-decline expected. April was revise to show 8,000 more job losses than previously expected. The unemployment rate shot up to 5.5 percent from 5 percent in April, the biggest monthly jump since 1986.

“I’ve been trading these markets for 25 years; to see a jump like this is a little scary,” Jack Bouroudjian of Brewer Investment Group told CNBC. “But, these markets have already factored in that weakness.”

The market’s initial knee-jerk was a sharp sell-off but economists pointed out that the historically high jump in the unemployment rate was likely a statistical fluke.

Economic ‘misery’ more widespread

Posted by Charlie Kilo on May 14th, 2008

3rd World Status: A Pink Slip Away

Posted by Charlie Kilo on April 10th, 2008

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