   |
|||
September Unemployment: ACTUAL LOSS 995kKarl Denninger Headlines: 263,000 "jobs lost" and unemployment rate up to 9.8%.
That's not good - there goes the "second derivative" argument. Weekly earnings are also down by $1.54, which is bad news too. But the Household Data is VASTLY worse than reported. Here are the month-over-month changes, and they're in the realm of frightening. (all numbers in thousands) Civilian Labor Force: 154,879 to 153,617 this month. Employed: 140,074 down to 139,079 this month. That's a loss of 995,000 jobs, not 263,000, and the labor force contracted by 1,262,000 people! The participation rate was absolutely decimated, down 0.6% this last month alone. The people "not in the labor force" rose by a staggering 1,516,000 in the last month. The government doesn't count people as "unemployed" who have given up and exited the labor force, but as I have repeatedly noted whether the government counts them or not the corner store owner sure as hell does! The fact of the matter is that nearly 1 million fewer people were working in September as compared to August; there has been absolutely no improvement in that trend whatsoever. Oct 2, 2009 source: http://market-ticker.denninger.net/archives/1485-September-Unemployment-ACTUAL-LOSS-995k.html Karl Denninger's Market
Ticker All material herein Copyright ©2007-2011 Karl Denninger. All Rights Reserved.
No material here constitutes "investment advice" nor is it a recommendation to buy or sell any financial instrument, including but not limited to stocks, options, bonds or futures. The author may have a position in any company or security mentioned herein. Actions you undertake as a consequence of any analysis or opinion in this article are your sole responsibility. Looking for "The Best of Market Ticker"? Check out Ticker Classics. 321gold Ltd |
Disclaimer: The content of this
article is provided without any warranty, expressed or implied.
All opinions expressed in this article are those of the author
and may contain errors or omissions.