Items of Interest:
Bureau of Labor Statistics:
Employment Situation Summary -- Nonfarm payroll employment fell by 345,000 in May, about half the average monthly decline for the prior 6 months, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The unemployment rate continued to rise, increasing from 8.9 to 9.4 percent. Steep job losses continued in manufacturing, while declines moderated in construction and several service-providing industries...
The May Unemployment Numbers are Here, and Worse Than Predicted — While I was waiting for May's numbers to be released I did a quick Google News search on “unemployment.” Here is the first set of entries that popped up: … You get the feeling that there's a little pre-spin effort afoot? ...
Jay / Stop The ACLU: Economic Stimulus Not Very Stimulating
TBlumer / BizzyBlog: Obamanomics Graph of the Day — Yikes (from Michael's Comments …Bruce McQuain / QandO: Wow, That Stimulus - Just What Was Needed! More, Please!Fausta / Fausta's Blog: The Treasury bond market in cardiac arrestCritical Thinker / Politics and Critical Thinking: Possible Economic Recovery Tied to Obama Stimulus Package?Ed Morrissey / Hot Air: Unemployment up to 9.4% — The unemployment numbers …DRJ / Patterico's Pontifications: Unemployment Rate at 9.4% — The unemployment rate is at 9.4% …AJStrata / The Strata-Sphere: Where Is That Job Creating Stimulus We Were Promised?Mike / Cold Fury: God-Emperor miraculously creates or saves millions more jobs!Joseph Russo / Conservatives4Palin.com: Economic Stimulus Not Very StimulatingDan Collins / protein wisdom: Just . . . Wow [Dan Collins; UPDATED]
Today's Unemployment Numbers Made Simple -- Just the facts: The US economy lost 345,000 jobs in May. That's bad. But economists thought we'd lose almost 200,000 more. That's good. At 9.5%, unemployment is higher than its been in a quarter century. That's bad. But we're losing jobs slower than any time since September. That's good...
Unemployment datapoint of the day — Remember the stress tests? -- Remember the stress tests? The baseline scenario had unemployment in 2009 at 8.4%, rising to 8.9% under the more adverse scenario. Well, we’re only up to May, and already it’s at 9.4%...
Jack Healy / New York Times: Job Losses Slow; Unemployment at 9.4%Annie Lowrey / FP Passport: U.S. employment cratering at a less breakneck speedShobhana Chandra / Bloomberg: U.S. Economy: Job Losses Slow, Signaling Recession Is AbatingEzra Klein: The Not-Bad, Not-Good Employment News Continues!Dday / Hullabaloo: Going To Hell In A Local Rather Than An Express HandbasketRyan / The Bellows: Jobs! — I'm interrupting my extended blogging weekend to issue …Katie Paul / Newsweek Blogs: Breakfast Buffet, Friday, June 5Kevin Drum / MoJo Blog Posts: Unemployment and the Stress Tests
Job Outlook Still Bleak -- Widespread job losses continued in May, pushing the economy toward a number of dubious achievements. Long-term unemployment is now at an all-time high, jobs have declined for a record number of consecutive months, work hours are the shortest since the Bureau of Labor Statistics began tracking the data, and many other indicators of labor market distress are at or near historic levels...
Myglesias / Matthew Yglesias: The Bleak Jobs Outlook
A Tale of Two Depressions -- comparing today's global crisis to the Great Depression. World industrial production, trade, and stock markets are diving faster now than during 1929-30. Fortunately, the policy response to date is much better...
Mikkel Fishman / The Moderate Voice: The Economy: The Good, The Bad, And The UglyYves Smith / naked capitalism: “A Tale of Two Depressions”
Home Prices: Sellers Need to Lower Expectations -- A new report out today from online real estate search site, Trulia.com, finds that nearly one in four current sellers, and these are what we call “organic” sellers, not distressed sellers (foreclosures or short sales) have dropped their sale prices at least once.
On average, they’ve dropped prices 10.6 percent from their original list price. If you add it all up, that’s $27.4 billion dollars slashed off either total U.S. home equity, if you choose to see it that way, or at the very least off of seller expectation. . .
- Drinking to Excess Is Banking’s Hangover Cure - David Reilly, Bloomberg
- The Right Answer Is Not 'Save Everybody' - Edward Glaeser, Boston Globe
- Inside the Case Against Angelo Mozilo - Christopher Palmeri, BusinessWeek
- GOP Can Win the Healthcare Debate - Michael Gerson, Washington Monthly
- The Big Healthcare Push Is Finally On - Paul Krugman, New York Times
- Obama's Voodoo Health Economics - Betsy McCaughey, Wall Street Journal
- A Tax Even Conservatives Can Love - Bruce Bartlett, Forbes
- Another Smart Way To Profit from Oil's Rebound - Mina Kimes, Fortune
- For Investors, Better-Than-Bad No Longer Good Enough - Jeff Cox, CNBC
- Be Patient With Your Portfolio - Jonathan Hoenig, SmartMoney
- My Favorite Indicator Has Turned Positive - Donald Luskin, SmartMoney
- What Would Louis Rukeyser Say Right Now? - Jon Friedman, MarketWatch
- "Potholes" Ahead According to Doug Kass - Randall Forsyth, Barron's
- Government Bond Auction Fatigue Coming? - Gillian Tett, Financial Times
- Central Banks' Exit Strategies: This Way Out - The Economist
- We Are Recovering Without the $787 Billion - Caroline Baum, Bloomberg
- It’s the Printing Presses, Stupid - Larry Kudlow, RealClearMarkets
- Is the U.S. Consumer Trading Down Forever? - Alexandra Zendrian, Forbes
- Keeping Up with the Tightwads - Ylan Mui, Washington Post
- Let's Keep Many Eyes on the Banks - Richard Neiman, Wall Street Journal
- Tax Break for Repatriated Funds Failed - Floyd Norris, New York Times
- Card-Check Threat Alive And Well - Editorial, Investor's Business Daily
- Governing GM - Editorial, The Nation
- Saving Wall Street's Soul-One Dork at a Time - Matthew Philips, Newsweek