Hoo-ray!!!! We Lost Half A Million Jobs!!! Rally The Markets!!!!

May 8, 2009 at 7:11 am  ·  Category: Market Commentary, Sentiment Analysis

A slowing rate of job loss isn’t the same thing as job growth.

– James Picerno, “Still Hoping….”, The Capital Spectator, May 8

Stocks gapped up this morning on a better than expected April Jobs Report.  Non-farm payrolls declined by 539,000 in April – better than the 600,000 expected by Wall Street economists.  The official unemployment rate rose to 8.9%.

Also, there were 66,000 new jobs created by the Federal Government.  A lot of commentators are saying that is related to the Census.  Take those out and we have 605,000 job losses.

jobs

Call me a cynic but I always thought job losses were bad.  Especially half a million of them – which would result in a 4% increase in the unemployment rate if sustained for a year.

Not in this market!  Bulldozer!

Posted by Greg Feirman  ·  Trackback URL  ·  Link
 

Leave a Comment

Name required
E-mail required, won't be published
Web site