Private Sector Employment came in at -371,000, compared to a consensus view of between -335,000 to -350,000. Is this bad--well, yes, anytime you have job losses, it's bad. Is it good--well, yes, because it's roughly half the figure of the dismal job losses we saw occuring back in March. Oddly enough, March was also the trough point for this current bear market, so perhaps this figure is a reflection of the equity market...maybe.
With all of that said, it is safe to say the U.S. economy is crawling out of this recession, not tip-toeing--or dancing--as many of my Wall Street peers will say.
Prognostication for Friday's headline figure: 9.7%.
I'm being interviewed by Reuters in 45 minutes, will report more later.
Todd M. Schoenberger
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I am a coach of a youth soccer team. In our team of 11 kiddos, we had four - yes four! fathers lose their jobs. If you count me - lost my job for two weeks - that makes five that were impacted by this economy.
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