Thursday, July 2, 2009

Not Suprised by Jobs Report

US employers cut 422,000 jobs in June vs. the expected number of 322,000. Unemployment has now reached 9.5%. 10% which many thought was unheard of, is now almost guaranteed. These numbers weren't surprising to me. The problem with the rising market and the thought of "green shoots", was that it priced into the market not only a bottom, but some type of recovery for later this year. There are still too many uncertainties to say this recession is over and we're going to see a strong economy ahead. I've been saying all along, you can't move forward without the consumer. The employment data is the best indicator (in my opinion) of the health of the consumer. The government can try to spin the statistics however they like, and CNBC can run with any glimmer of hope, but the bottom line is that its just going to take more time...

More to come as we have an interesting end to this week.

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