Economics Update

Scary Picture of the Day
H/T Calculated Risk

Today is the official unemployment numbers, and they are worse than expected. Non-Farm payroll fell by 467K, and unemployment (U-3) rose to 9.5%.

For those of you following the more expansive, and to my mind, more accurate, U-6, it rose to 16.6%.

Unemployment is hitting new highs in the Euro zone too, which is why the ECB is keeping its rates at 1%.

It's no wonder that a CNN/Opinion Research Corporation survey showed that people are getting more pessimistic about the economy.

We do have a bit of good news, with factory orders rising in May, and
mortgage rates falling this week.


In energy, both crude oil and wholesale gasoline prices fell, on the weak employment numbers and expanding inventory.

The investor flight to safety has strengthened the dollar.