Friday, June 1, 2012

Unemployment Ticks Higher Again Sinking Silly Markets

Jobs creation abruptly hit a stop in May, with the economy adding just 69,000 new jobs. Unemployment rate climbed to 8.2%,  rising the first time in nearly a year. 

The Bureau of Labor Statistics reported that job creation missed economist estimates for 158,000 new positions (where did they get that from?).

The actual figures may be much worse as labor force participation remains near 30-year lows though incrementally better than last month, rising to 63.8%.

The number unemployed for 27 weeks or more jumped from 5.1 million to 5.4 million. The average duration of unemployment moved from 39.1 weeks to 39.7 weeks.

All bad news, not really unexpected, but the silly markets react negatively.

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