Updated: Sixth Straight Month of Job Losses
You can get out your protractor and pocket calculator and try to tell me that we aren’t in a recession because of this or that, but the fact is, we are in a recession. I wonder, though, how ugly this market going to get.
Senator Obama calls on President Bush and Congress to do more. However, Senator McCain has stated that people are hurting and let’s not do anything.
I found some thoughtful analysis from the Economic Policy Institute.
Update: GM shares have dropped below $10 per share.
Update II: From EPI –
The job market is clearly in recessionary territory. Most industries are cutting jobs, unemployment and especially underemployment are elevated, and perhaps most importantly, wage growth is slowing quite sharply and is well behind inflation. Workers paychecks are under attack from three sides: diminished jobs and hours, slower hourly wage growth, and faster price growth. Moreover, most workers lack the bargaining power necessary to fend off these attacks.
From CNN.com:
Employers trimmed jobs from their payrolls in June for the sixth straight month, as the government’s closely watched report Thursday showed continued weakness in the labor market.
The Labor Department reported a net loss of 62,000 jobs in the month. That matched the job loss figure for May, which was revised higher from 49,000. Economists surveyed by Briefing.com had forecast a loss of 60,000 jobs.
The June number brought to 438,000 the number of jobs lost by the U.S. economy so far this year. (more… )
