{"id":192128,"date":"2009-05-08T17:24:00","date_gmt":"2009-05-08T22:24:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2009\/05\/08\/economics-update-225\/"},"modified":"2009-05-08T17:24:00","modified_gmt":"2009-05-08T22:24:00","slug":"economics-update-225","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2009\/05\/08\/economics-update-225\/","title":{"rendered":"Economics Update"},"content":{"rendered":"<p><a href=\"http:\/\/img135.imageshack.us\/img135\/9300\/percentlosses7768054.jpg\"><img decoding=\"async\" src=\"http:\/\/img135.imageshack.us\/img135\/9300\/percentlosses7768054.jpg\" style=\"margin: 0px 0px 10px 10px; float: right; cursor: pointer;\" width=\"400\" \/><\/a>So, the Bureau of Labor Statistics has its <a href=\"http:\/\/www.bls.gov\/news.release\/empsit.nr0.htm\">April employment report out<\/a>, and non-farm payroll employment continued to decline in  down 539,000, though this is a slower decline, and beat expectations though the <a href=\"http:\/\/www.nytimes.com\/2009\/05\/09\/business\/economy\/09jobs.html?_r=1\">unemployment rate rose to  0.4% to8.9%<\/a>, a 25 year high.<\/p>\n<p>Under the less restrictive, and to my mind more accurate U6, <a href=\"http:\/\/voices.washingtonpost.com\/economy-watch\/2009\/05\/actual_us_unemployment_158.html?hpid=topnews\">unemployment rose to 15.8%<\/a>.<\/p>\n<p>The picture (click for full size) shows the employment fall from peak compared with other recessions.<\/p>\n<p>Meanwhile, <a href=\"http:\/\/www.cnbc.com\/\/id\/30641180\">wholesale inventories fell by 1.76%<\/a>, more than the forecast of 1%, as retailers and manufacturers tried to adjust for reduced demand.<\/p>\n<p>We also have some bad news in the financial industry, with <a href=\"http:\/\/www.cnbc.com\/\/id\/30634195\">Royal Bank of Scotland posting a loss after writing down risky assets<\/a>, Commerzbank, Germany&#8217;s 2nd largest bank, <a href=\"http:\/\/www.cnbc.com\/\/id\/30614896\">reporting an \u20ac861 million loss<\/a>, and our old friend AIG <a href=\"http:\/\/www.cnbc.com\/\/id\/30625520\">posted a loss of $4.5 billion<\/a>.  (AIG is the gift that keeps on giving.)<\/p>\n<p>Meanwhile, all the optimism over the jobs report (Whee! !he 2nd derivative is positive!)<a href=\"http:\/\/money.cnn.com\/2009\/05\/08\/markets\/dollar\">has driven the dollar down<\/a> and <a href=\"http:\/\/money.cnn.com\/2009\/05\/08\/markets\/oil\/index.htm\">driven oil above $58.bbl<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>So, the Bureau of Labor Statistics has its April employment report out, and non-farm payroll employment continued to decline in down 539,000, though this is a slower decline, and beat expectations though the unemployment rate rose to 0.4% to8.9%, a 25 year high. Under the less restrictive, and to my mind more accurate U6, unemployment &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1005,973,975,1004,1045,1089],"tags":[],"class_list":["post-192128","post","type-post","status-publish","format-standard","hentry","category-business","category-economy","category-employment","category-finance","category-insurance","category-recession"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/192128"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=192128"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/192128\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=192128"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=192128"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=192128"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}