All right. So, the Challenger numbers released this morning show the third consecutive month of deceleration in terms of job losses. Nice, and we like the trend. However--a job loss is still a job loss and when will be begin seeing job GAINS??
It's September and remember what we were doing this time last year--it was an election year. And the guy who begged us for the job in the White House has yet to accelerate this recovery. Look, we know there's a recovery taking place, but I'm sure we're not alone in thinking that many thought the jobs number would have improved by now. This recovery is more like a crawl rather than a sprint. Hell--all we want is a friendly jog out of the recession. Please!!
Challenger reports job losses to be 76,000 in August, but this report never provides the complete picture. So you know, consensus is looking for a loss of 225,000 jobs and a small pop in the unemployment rate to 9.5%. The Labor Department will release the report on Friday morning at 8:30am NYT.
But here's the interesting part of it all: More than half of the job losses reported by Challenger came from...drum roll please...the U.S. Post Office. Wow! The government sector led the way for job losses in August. Now, one thing I do remember from my education at the University of Maryland is a government is expected to show job GAINS during a recession--not job losses. If the government isn't hiring, then who is?!?
More to come on this one throughout the day.
Talk to you,
Todd M. Schoenberger, Managing Director
LandColt Trading, Inc.