Great News: More People Out of Work
Sep 3, 2010
Posted by Jody Eisenman | Filed under Uncategorized
The much anticipated unemployment number was released this morning. Unemployment rose to 9.6%. However, private payrolls rose, which signaled to some that the recession may be easing. If it is, I don’t see it. The financial sector continues to lay off people. Investment banking has slowed dramatically. In addition, the underemployment rate (which includes part timers who can’t find full time work and people who have given up searching) increased to 16.7% from 16.5%.
However, the stock futures have soared on the news, reason being that analysts were expecting a complete collapse. So, the bad news is really not that bad, which means its’ good. Did everyone understand that? Currently, the S and P is trading at around 1100 in the pre market. This may be a key level, as a strong move through it could signal a great third quarter. However, the trend this year has been choppy, so anything is possible going forward.
Happy Labor Day to all!
