Next Week Could Be Worse (Unemployment)

Goog ^ | October 30, 2009 | Ted Gottsegen

[Diana in Wisconsin]

Its make-it or break-it time next week when investors look to the Labor Department's Unemployment Report for October, let's hope its good. With the market jumping 200 points in either direction on bascially "headlines" this week, the October payrolls report that is delivered next Friday (Nov 6th) could really jolt the system.

Even as other parts of the economy show signs of stabilizing, rising unemployment may keep overall wages and benefits subdued and weigh on consumer spending. The U.S. has lost 7.2 million jobs since the recession began in December 2007, and the government is scheduled to release the October payrolls report on Nov. 6.

Just imagine if the numbers are worse than what analysts expect or worse yet, disappoint Wall Street. The Recession may be on the mend, its great news that GDP improved, but what about new jobs?

Without jobs you can't expect consumer spending to increase, let's not forget that wonderful figure 'consumer spending' accounts for almost 70% of our Nation's GDP.

Less jobs = less spending.

Next Friday (Nov. 6th) could either be a sweet day for the Bears or Bulls, but at this point, you've got to side with the Bears.

Why say that? Andrew Smithers says U.S. Stocks Overpriced by About 40% from last Friday. The U.S. stock market is anything but cheap, analyst Andrew Smithers asserts. According to his calculations, U.S. stocks are overpriced by about 40%. "That doesn't mean markets won't keep rising given the tsunami of liquidity unleashed by the world's central banks, but it should give investors some pause for thought, even if they keep backing the momentum trade."

[Diana in Wisconsin]

Could be? Will be. Or just as bad. And then revised downward a week later.

Dorks.

[Diana in Wisconsin]

On November 6th, unemployment data gets posted for October, 2009:

http://www.bls.gov/cps/

[Nervous Tick]

The unemployment report has GOTTA be positive, right?

Didn’t Joe Isuzu oops I mean Biden just tell us the most ethical administration of all time simulated 600,000 $92,000/year jobs into existence?

He never lies.

[Diana in Wisconsin]

Uh...where’s mine, then? LOL!

[Sacajaweau]

Can’t be....We’ve already been saved....Can one be saved twice??

[lt.america]

The number this Admin has been worried about is the 10% unemployment number. Even though real unemployment has been much higher for months, head in the sand Americans will recognize what 10% means. Obama is in a huge mess on this one because they played the Bush's fault card too often and too early and even the AP, WashPo, and ABC are questioning the stimulus jobs created BS.

[Man50D]

BO and his fellow socialists want it to be worse. It follows their implementing the Cloward-Piven Strategy

[John W]

Just looking at the October statement at your link and it included the following:

“The largest job losses were in construction, manufacturing, retail trade, and government.”

Now, if the stimulation was doing anything wouldn’t it be reflected in at least three of those four?

[Diana in Wisconsin]

Yep. Well worth reminding everyone about that at every turn. Sadly, I don’t see much ‘strategery’ on our side...

[YankeeReb]

BO and his fellow socialists want it to be worse. It follows their implementing the Cloward-Piven Strategy

True, but the thing is they don't want the serfs waking up to that fact too soon before their nationalization of healthcare is complete. Keep the sheeple fooled with the hope/change thing till after the midterms, then once the socialists are retained, it's too late.

These midterms are really our last chance.

[verity]

"BO and his fellow socialists want it to be worse."

I do not believe your premise has merit simply because the ramifications at the political level would be far more immediate than any long term nefarious "plot."

[Diana in Wisconsin]

I’m in retail. October was our worst month ever for each of our five stores...and our company has been in business for nearly 105 years.

We’ll have a little uptick at Christmas, but January and February are going to be very lean months for us. We’ll use a core staff of four to run the whole operation during those months.

OTOH, I was 60K ahead in sales from last year, so we do have a little cushion to sit on while it’s slow. ;)

[Man50D]

I do not believe your premise has merit simply because the ramifications at the political level would be far more immediate than any long term nefarious "plot."

You are assuming the socialists will attempt to maintain control only through the political process.

[albie]

“The Recession may be on the mend, its great news that GDP improved, but what about new jobs”?

...who the hell writes this tripe?! On the “mend”?! When the “cash for clunkers” debacle is shed from the GDP, we’ll see what “great news” they’ll be writing about. And “new jobs”!? The “green” sector maybe?~sarc

[YankeeReb]

The largest job losses were in construction, manufacturing, retail trade, and government.”

Now, if the stimulation was doing anything wouldn’t it be reflected in at least three of those four?

Don't forget the administration's larger conncern is that the "Stimulus Shouldn't Only Aid 'White Male Construction Workers"

[Logic n' Reason]

I can only guarantee all of you that I will do my part.

For today...Sunday, Nov. 1, I will file my first (of many many) claim for unemployment insurance.

Hurrah!

[verity]

We agree to disagree.

[hoosier hick]

A born-again-born-again recovery?

hh

[Leisler]

The Federal Reserve, and all the other paper printing central banks, will 'save' us. Get the economy going. You'll see.

WE'RE IN THE BEST OF HANDS.

[blam]

A Multi-Faceted Unemployment

by: Sold At The Top November 01, 2009

Do you have a plan B? A MUST WATCH… last night’s Frontline. Aw Shucks… poor bastards on the upper-east side.

The White House says it has already “saved or created” 650K jobs... only problem… since just this January, 3.386 million jobs have actually been lost and the losses are continuing… Jared Bernstein says the figure is closer to a million jobs “saved or created” and adds

It's a great example of the unprecedented transparency, where the American taxpayer can point and click and see their taxes creating jobs … you have to understand the nature of Keynesian stimulus

… I say it’s a new low for government falsehoods and propaganda and so does the AP.

If they can’t manage their own finances why should they be influencing yours?

J.P Morgan Analyst James Glassman thinks unemployment could trend down this winter… He also predicted back in 2000 that the DOW would reach 36,000 and wanted to help you profit from it.

[snip]