US Payrolls Decline Heavily
Friday July 3, 2009
US Nonfarm Payrolls declined by 467,000 while unemployment ticked up to 9.5 percent. The US dollar was virtually unchanged. It continues to range against major currencies.
Well looking at these numbers, it’s a good thing that the government did stress tests for the banks. Come to think of it, it looks like we are now higher than the average of 8.9 percent. It seems that we are well on schedule to pass that 10.3 percent mark by 2010.
This is scary stuff. The most scary part being that the government is undershooting the seriousness of it so far.
So in case you work for the government, let me sum up with problem for you in one sentence.
Too much money being paid to too few people.
Perhaps if some of these company execs weren’t making 500 times what their employees made, that would be a start. They might have money left over to pay people to work.
It doesn’t look like things will be changing anytime soon. While the speed of the slowdown has decreased, the slowdown continues none the less. There really is no positive spinning that. There is a lot of bad news still waiting out there to be uncovered. I wouldn’t expect these employment reports to change any time soon.
Well looking at these numbers, it’s a good thing that the government did stress tests for the banks. Come to think of it, it looks like we are now higher than the average of 8.9 percent. It seems that we are well on schedule to pass that 10.3 percent mark by 2010.
This is scary stuff. The most scary part being that the government is undershooting the seriousness of it so far.
So in case you work for the government, let me sum up with problem for you in one sentence.
Too much money being paid to too few people.
Perhaps if some of these company execs weren’t making 500 times what their employees made, that would be a start. They might have money left over to pay people to work.
It doesn’t look like things will be changing anytime soon. While the speed of the slowdown has decreased, the slowdown continues none the less. There really is no positive spinning that. There is a lot of bad news still waiting out there to be uncovered. I wouldn’t expect these employment reports to change any time soon.
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