June '09 JOBS REPORT

[rffrydr]

Market was prepared to cede something to the autos but this an across-the-board smackdown:

1. Construction jobs declined 79,000

2. Manufacturing decreased 136,000

3. Retail declined 21,000

4. Business services fell 188,000 with temporary help off 38,000

5. Financial fell 27,000

6. Government jobs declined 52,000

7. Education and healthcare bucked the trend and rose 34,000



I've listened to an economist expecting growing GDP with a 12% rate of unemployment. It won't come to that as debt will crash and burn beforehand. But don't be surprised for employment to weigh down an otherwise bouyant market well into next year.
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Today is the Tomorrow you worried about Yesterday!