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Old 06-05-2009, 08:46 AM
 
220 posts, read 1,008,073 times
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Job losses slow dramatically


Employers trimmed 345,000 jobs in May, the smallest loss since the crisis in financial markets last September


NEW YORK (CNNMoney.com) -- Job losses slowed dramatically in May, according to the latest government reading on the battered labor market, even as the unemployment rate rose to a 26-year high.
Employers cut 345,000 jobs from their payrolls in the month, down from the revised decline of 504,000 jobs in April.



This was the fewest jobs lost in a month since last September, when the bankruptcy of Lehman Brothers caused a crisis in U.S. financial markets and choked off credit for many businesses. Economists surveyed by Briefing.com had forecast a loss of 520,000 jobs in May.

Job losses slow dramatically - Jun. 5, 2009
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Old 06-05-2009, 08:50 AM
 
220 posts, read 1,008,073 times
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Looks like an upward trend to me!
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Old 06-05-2009, 09:19 AM
 
Location: Lowcountry
764 posts, read 1,548,042 times
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Quote:
Originally Posted by glenn_1000 View Post

Looks like an upward trend to me!
I'll repost here...

Still a weak unemployment report as the unemployment rate increased 5% over last month.

Declines moderated in construction and service-related industries while steep job losses continued in manufacturing - those higher paying manufacturing jobs are sorely needed.

YoY employment is strongly negative - 5.4M worker less employed compared to May 08.

Many people have given up looking for employment so their numbers are not counted.

The unemployment rate continues to rise, highest level (9.4%) since summer 1983.

Good news is WalMart plans to hire 22K people!
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Old 06-05-2009, 11:21 AM
 
Location: IL
2,992 posts, read 5,016,924 times
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Quote:
Originally Posted by Flat2MT View Post

Good news is WalMart plans to hire 22K people!
And the Feds plans to hire 700K in the next 4 years...wow.

http://wbezhardworking.wordpress.com/2009/05/13/report-feds-plan-to-hire-700000-in-next-4-years/
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Old 06-05-2009, 12:44 PM
 
2,910 posts, read 3,721,850 times
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Quote:
Originally Posted by London Girl View Post
Agreed.

I think many people (understandably) seize on any snippet of good news but completely fail to consider the wider perspective and actually think about what is really going on out there in global terms.

A nation which has been consuming and continues to consume far in excess of what it produces, which is the world's largest debtor and which has a rapidly devaluing currency is not "recovering".


.....cut to Geithner groveling before the Chinese
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Old 06-05-2009, 03:45 PM
 
1,417 posts, read 2,218,446 times
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Quote:
Originally Posted by theS5 View Post
.....cut to Geithner groveling before the Chinese
Yes.

From 2005:

Quote:
"Asians make things and sell them to Americans, who borrow money from their suppliers (on the inflated value of their houses) in order to continue living beyond their means. Asians take their profits and either relend them to Americans...or use them to buy more productive capacity, in America and elsewhere.

For those who wonder where this trend will lead, we offer a guess: The average American will be left with a shoeshine kit and instructions on how to say 'please' and 'thank you' in Chinese...."

Bill Bonner.
http://www.lewrockwell.com/bonner/bonner120.html
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Old 06-05-2009, 08:16 PM
 
220 posts, read 1,008,073 times
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Of course the umemployment rate will go up when there are still job losses (they say it will peak at 11%), it is the decrease in losses that is important to watch. Clearly the trend is improving and that is what matters. Most of the jobs being lost are jobs that were created during the bubble, obviously that must correct and is.
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Old 06-05-2009, 09:00 PM
 
Location: Great State of Texas
86,052 posts, read 81,325,767 times
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Quote:
Originally Posted by glenn_1000 View Post

Looks like an upward trend to me!
In Jan the government had a birth/death model number of -356K (jobs lost), in May they had 220K (jobs created).

So if you remove those "government adjustments" as they cannot be verified you have numbers of

Jan- 385K jobs lost
May- 565K jobs lost

http://www.bls.gov/web/cesbd.htm
Not a pretty picture.
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Old 06-06-2009, 09:52 AM
 
220 posts, read 1,008,073 times
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You leave out the fact that Feb-May had positive adjustments

-356 Jan
+134 Feb
+114 Mar
+226 Apr
+220 May

+338 total

Add +338 to the -345 and you have only 7,000 jobs lost. <- A very pretty picture
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Old 06-06-2009, 10:17 AM
 
Location: Summerville, SC
394 posts, read 1,006,103 times
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Fight the good fight, glenn-1000!

I saw a quote yesterday: "The trouble with being an optimist is that people think you don't know what you are talking about."

How true! Being an optimist and burying one's head in the sand are two different things. There's nothing wrong with trying to find the good news out there.
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