The headline of the day is going to be the uptick in the unemployment rate to 9.7%. How fitting is it that we enter Labor Day--a day to rest from work--and another 216,000 Americans will be spending the day looking for a job! The biggest concern, though, is the revision for the June and July prints--and it's absolutely horrible. The Government reported an additional 49,000 more jobs were lost than previously reported.
This is a joke and I'm not alone here by saying this but: WHEN IS THE STIMULUS PLAN GOING TO WORK?!? What idiot gimmick is coming from this administration now?? No more cash for clunkers!!
We at LandColt are absolutely shocked by this report because we haven't seen any growth whatsoever. Sure--we're not losing as many jobs as we did in Q1 of 2009; but that's the equivalent of saying you only loss the game by one touchdown. Dude--you still loss!
More reports throughout the day as we continue to analyze the data. But, on the surface, this is as abysmal as it gets for the jobs picture.
Talk to you,
Todd M. Schoenberger, Managing Director
LandColt Trading, Inc.