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Can’t get much worse than the June jobs report

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(Last Updated On: July 13, 2011)

The second quarter was never going to go down as one of a strengthening US recovery but the June jobs report really rubs salt in the wounds
hadesresearch.com
The second quarter was never going to go down as one of a strengthening US recovery but the June jobs report really rubs salt in the wounds with just 18k added to June payrolls vs. market median estimates of +105k which compares to the 120k+ needed to keep the unemployment rate steady (up 0.1% to 9.2% today). This lo
My view is that is could and will get worse…there is no demand for new jobs. All of this government speak is about the old way…things have changed
Well there are some positive factors which should be felt in the second half, such as this years one off capital expenditure tax break feeding in and SME’s do seem to be showing some increased demand for labour (it’s patchy thought). That said the economy needs to create around 120k jobs per month just to keep things on an even keel so things really look quite feeble in that context. Plus as capex and other tax breaks expire at year-end the economy will have some serious fiscal tightening to contend with. While near-term there is hope then the medium to longer-term outlook isn’t particularly encouraging.

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