Aug 31 2009
First Estimates – August U.S. Job Losses – Big Week For Economic Reports
An article titled ‘For stocks, summer ends with jobs data’ reports that economists polled by Reuters forecast U.S. job losses of 225,000 for August (July – 247,000), and that the U.S. unemployment rate will rise to 9.5% (July 9.4%) – a statistic that I remain skeptical about. Government data will be available Friday, while during the week U.S. August manufacturing and service sector data will be released as will U.S. July construction spending and factory orders.
Stay tuned for posts this week on the U.S. jobs estimates and reports. I continue to believe U.S. jobs and consumer confidence are the most critical ‘key element’ in the timing of U.S. (and broader world) meaningful economic recovery.
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