Interest Rate Roundup

Friday, May 08, 2009

Bad jobs news, just less bad than expectations

We just got another month of bad job market news. The economy shed 539,000 workers in April, the 16th month in a row of declines. But that was slightly better than the -600,000 number the market was expecting.

On the negative side, the March reading was revised higher to -699k from -663k. Meanwhile, the unemployment rate jumped from 8.5% to 8.9%, in line with expectations but the highest since September 1983. Average hourly earnings gained just 0.1%, versus forecasts for a reading of +0.2%.

1 Comments:

  • Birth/Death model ADDED 220k jobs, while *government census hiring* for 2010 ADDED 66k.

    Mix those into today's reported number, and you reach the upper-end of analyst expectations, at 810k jobs lost for April.

    Believe what they tell you to see, and I'll believe what I see.

    By Anonymous ComradePoint, at May 8, 2009 at 10:19 AM  

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