Quicksand Economy
Nov 7th, 2008 by RSmitty
Employment numbers just released…
Oct unemployment = 6.5% (highest since 1994) / Sept was 6.1%
October non-farm payrolls down 240,000
Manufacturing down 90,000
Service-producing down 108,000
Overall 2008 Payrolls down 1.8 million
Well, at least it’s Friday!
Let the Obama-blaming commence. I’m sure Hannity will find a way to tie it to Bill Ayers.
I’ve already heard it from people I know and I want to clunk their heads together, Three Stooges style.
and the market is up?
Yeah. They were saying on CNBC that the bad news was already sold out of the market the last couple of days, so the shock was pretty much distributed by the time this report came out. There’s another kicker to this and that is that these numbers, as bad as they are, were actually slightly better than expected.
Umm… the market is not the economy. Sorry, a personal pet peeve of mine. Anyone following the credit card industry? I’m thinking that’s the next shoe to drop.
the market is not the economy
Correct. One can react to the other, tho, most typically the market reacting to the economy. However, in these last several years with manipulation, we have seen the opposite…until these last few months when the economy finally fell to the floor, exhausted from all the steroids pumped into it.
I think arthur’s question had legitimacy to it, though. When bad news like those employment numbers hit (an economic indicator), the market usually would go down, as a reaction.
Anyone following the credit card industry?
That wouldn’t fare so well for me. Objectively, you may be right. People are just out of money for their bills. As soon as they are late, BAM, penalty pricing. You can forget minimun payments after that. I do think there will be some “bloodshed” in that sector. There will be survivors, of course, but there are some just teetering now and if that wave hits, there will be failures.
Agreed. However my peeve is with people who judge the economy on how the market responds on a particular day. And there are A LOT of people who do that – not Arthur. In recent years the market seems entirely speculation orientated rather than result orientated. Simply said, it’s as fickle as a teenage girl and should not be trusted with your heart.
Gasoline is down.
Yeah Obama, my hero!!
Spoken like a true commie.