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Jobs

June 5, 2009 – 12:27 pm

Everyone is cheering the loss of 345,000 jobs for May because it was much less than the 500,000 that was expected. Again the experts and their predictions were very wrong. Earlier in the week we had fewer first time unemployment benefits claims reported.

The monthly job losses have fallen for four months in a row and weekly claims for unemployment benefits have also fallen for several weeks in a row.

The unemployment rate rose to 9.4% from 8.9%. That should be expected to continue to rise.

This news can be looked at as good. It indicates a change from a very dire economic calamity to just a bad situation. Personally I have trouble saying a shrinking job market is good news, but in context I guess we should be cheering. However, I doubt those who are unemployed are cheering.

Good Trading
Steve Peasley

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