Pretty bleak numbers came out this past Friday.
263,000 jobs lost vs. estimate of 175,000
Job losses up to 7.2 million
While the unemployment rate edged up to 9.8%
785,000 had stated that they were not working through a household study, rather then employer study.
U-6 rises from 16.8% to 17%. A clear tale that businesses continue to generate weak business growth for their products and services. The U-6 includes part-timers who want full-time work but can't find one.
Weekly hours ticked down from 33.1 to 33.0. This continues to be a weak number especially when employers tend to add hours to current employees rather then hire temporary workers at the first sign of an improving economy. Staffing firms such as Robert Half, Manpower have said they see some regions stabilize. However, most regions continue to be weak in growth. I will touch on the point that certain stocks in this sector continue to be richly and overly priced.