In the most recent unemployment numbers, it was reported that approximately 467,000 jobs were lost in June, totaling to 7.2 million people since the start of the recession. The job losses now equal the net job gains over the previous nine years, making this the only recession since the Great Depression to wipe out all job growth from the previous upward cycle.
We had a number of surprises in U.S. economic data this morning including the Philly Fed index and leading indicators, but the biggest surprise was definitely the decline in continuing claims. Since the beginning of the year, continuing claims, which measures the number of people continuing to claim unemployment benefits rose week after week, forecasting the rapidly rising unemployment rate.
There is plenty of debate about whether the economy has actually bottomed but we at Fiscal Frenzy draw the line between the economy and the stock market and through this differentiation warn you that while your stocks will rebound in 2009, it is not clear whether the key fundamentals of our economy will begin their recovery this year. For the rest, see http://fiscalfrenzy.com/
US Dollar: US CPI Falls Negative for First Time Since 1955 - Deflation?
The forex markets haven’t shown much of a response to this morning’s release of the US consumer price index (CPI), despite the fact that the headline reading contracted for the first time since 1955 on an annualized basis. An article on forex, currency trading, economic conditions, the dollar, and deflation.
Could Record-Breaking Unemployment Actually Be a Good Thing?
ADP Reporting the Economy Lost 742,000 Jobs May Sink Equity Markets, ISM Manufacturing On Tap
The ADP private employment report showed a worse than expected job loss of 742,000 against expectations of -633,000. CFDTrading provides news and signals including Market reports which focus on US, Asian, and European Markets plus news on oil and gold, fixed income markets and foreign exchange markets.