Jobs Picture Still Ugly

Friday, February 05, 2010

  • Asia smacked overnight. Toyko down 2.9% and Hong Kong down 3.3%. Carrying over into Europe with London down 1.1%.

  • Toyota now recalling 279,000 2010 Prius models. So far they've got 29 class action lawsuits against them. Ugh.

  • CEO Ken Lewis and CFO Joe Prince being charged with securities fraud by New York Attorney Andrew Cuomo. Cuomo alleges they hid massive losses at Merrill Lynch in order to get the merger pushed through.

  • Jobs numbers is a relative non-event. US sees 20k jobs losts compared with 15k gain expected in January. Unemployment rate ticks down to 9.7% from 10.0%. (data was subject to changes due to new calculation...10.6% unemployment without adjustment) December revised to -150k from -84k. Underemployment also ticks down to 16.5% from 17.3%.

  • The economy lost 4.8 million jobs in 2009.

  • US Congress raises debt ceiling by $1.9 trillion. What's the point of a ceiling if you just raise it when you reach it? We can now borrow $14.3 trillion.
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