phaedrus

This wont help and should bring in a reality check for the "irrational optimism" in the markets..........

Unemployment Rate Surges to 9-Year High

The jobless rate climbed to 6.4 percent last month from May's 6.1 percent, the Labor Department said, a much worse reading than the 6.2 percent forecast by U.S. economists in a Reuters survey. The rate reached the highest level since a matching 6.4 percent in April 1994.

In a revision that underscored the weakness in the job market, Labor said payrolls fell 70,000 in May instead of the originally reported 17,000 drop.

Among the sectors that contributed to the jobs decline were manufacturing, which fell 56,000, and information industries, which shed 10,000 jobs.

Across the economy, the length of the average workweek was unchanged at 33.7 hours in June. Factory hours were also steady at 40.2 hours, while overtime remained at 4 hours. Lack of growth in the workweek is a less-than-encouraging sign for the future. When companies are poised to begin hiring, they often increase the hours of the workers currently on their staff first.

New Jobless Claims Unexpectedly Jump

The Labor Department reported that 430,000 people applied for benefits in the week ended Saturday, up 21,000 from the previous week, and higher than the 410,000 expected on average by Wall Street analysts.

Jobless claims above 400,000 are generally considered an indicator of a weak labor market, and jobless claims have been above that level since early February.

Now lets see how the "the Institute for Supply Management's June report" fares.......

paul30

The figures for job loss in the US are slow.

You see figures like 2.1 million jobs lost since Bush took office.

In fact it is more like 3 million lost at this point.

This means a million a year since he took office.

He is not entirely to blame for this.

But it does prove his plan ( = give cuts to the rich and business) isn't working.

His remedy?

Try more of it.

This is like saying, When have problems with drinking--job loss, loss of spouse, life in disarray--the cure is to DRINK MORE.

phaedrus

The Institute for Supply Management said its index of non-manufacturing activity surged to 60.6 in June from 54.5 in May. The index was the highest since Sept. 2000. Economists had expected it to creep up to 55.0, in a range of 52.5 to 56.5.

A reading above 50 shows growth at businesses that range from tourism to banking, and comprise about 80 percent of the U.S. economy; a reading below 50 indicates contraction.

So???????? any guesses?