http://www.cnbc.com/id/31121301 Only ~345,000 people lost their jobs in May, 2009 (compared with >500,000 in 4/09) but the unemployment rate shot up more than expected to 9.4%. I would not be reassured at all that fewer people are losing their jobs. This is what happens when you've already cut down to the bones and can't cut anymore without closing up shop completely. I'm much more concerned... [more]
http://www.cnbc.com/id/31121301
Only ~345,000 people lost their jobs in May, 2009 (compared with >500,000 in 4/09) but the unemployment rate shot up more than expected to 9.4%.
I would not be reassured at all that fewer people are losing their jobs. This is what happens when you've already cut down to the bones and can't cut anymore without closing up shop completely. I'm much more concerned that the rate of unemployment jumped more than expected. It means people are not finding new jobs and are languishing on the dole.
Unemployment keeps going up which will drive consumer demand down which will further hurt businesses, increase foreclosures and lower home prices in a self-fulfilling spiral.
We have a lot to be afraid of here. I really think we haven't even glimpsed the worst of the housing market in NYC and in the country overall.
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