http://www.bloomberg.com/apps/news?pid= ... refer=homeApril 4 (Bloomberg) -- Employers in the U.S. cut the most workers in five years last month, raising concern that the economic contraction is deepening and adding to the case for the Federal Reserve to keep lowering interest rates.
Payrolls shrank by 80,000, more than forecast and the third monthly decline, the Labor Department said today in Washington. The jobless rate rose to 5.1 percent, the highest level since September 2005, from 4.8 percent.
``This is the final blow,'' said Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ Ltd. in New York. ``It's clear the U.S. economy is in a recession. That's going to shake the confidence of investors and companies across the world and cause people to curtail spending in other countries.''
Economy Loses 80,000 Jobs in March
Economy Loses 80,000 Jobs in March
Economy Loses 80,000 Jobs in March
market expected only down 50K
as a result, the bond market rallied (yields lowered) in anticipation of additional interest rate cuts.
as a result, the bond market rallied (yields lowered) in anticipation of additional interest rate cuts.
Economy Loses 80,000 Jobs in March
I doubt the numbers reported this morning include the news this week that Aloha and ATA airlines both went bust and laid off all their workers, or the news that came out over the past few days that Motorola and Ford are laying off workers.
Lousy week.
Lousy week.
Economy Loses 80,000 Jobs in March
And the hits just keep on coming!
“The Knave abideth.” I dare speak not for thee, but this maketh me to be of good comfort; I deem it well that he be out there, the Knave, being of good ease for we sinners.
Economy Loses 80,000 Jobs in March
And more hits keep coming. Guess last week wasn't the only lousy week we've got.
http://www.bloomberg.com/apps/news?pid= ... fLmYMFlI&rApril 5 (Bloomberg) -- The jump in March bankruptcy filings is another indication the U.S. economy is in recession, led by states where the housing boom turned to bust.
The more than 90,000 bankruptcy filings in March were the highest since insolvency laws became more restrictive in October 2005, according to statistics compiled from court records by Jupiter eSources LLC. At a daily rate, filings in March were 30 percent above the pace in 2007.
Rising bankruptcies, together with mounting foreclosures and fewer jobs, are further signs the biggest housing slump in a generation is hurting consumers and businesses. Federal Reserve Chairman Ben S. Bernanke this week for the first time acknowledged the economy may be facing a recession and vowed to act to cushion the slowdown.
``We're seeing fairly high readings in these measures of distress like bankruptcies, foreclosures and mortgage defaults,'' said Chris Low, chief U.S. economist at FTN Financial in New York. The most affected states are ``also where the most housing-related business growth was,'' said Low.
The states most affected by the housing recession, including California, Nevada and Florida, were among those with the largest increases in bankruptcies.
Economy Loses 80,000 Jobs in March
Washington Mutual also announced 3,000 job cuts today. Hits keep coming.
Economy Loses 80,000 Jobs in March
Maybe WaMu can run some more funny commercials to make their ex-employees feel better.
“The Knave abideth.” I dare speak not for thee, but this maketh me to be of good comfort; I deem it well that he be out there, the Knave, being of good ease for we sinners.