Friday, September 07, 2007

Uh Oh

AP (09.07.07):
"Employers sliced payrolls by 4,000 in August, the first drop in four years, a stark sign that a painful credit crunch that has unnerved Wall Street is putting a strain on the national economy."

Employers Cut Jobs in August

The unemployment rate "held steady at 4.6 percent, mainly because hundreds of thousands of people left the work force for any number of reasons."

The losses were "in construction, manufacturing, transportation and government...."

Consensus had been for an increase of 100,000 to 110,000. Kinda missed it, eh?

Bloomberg (09.07.07):

"Economists surveyed by Bloomberg News had forecast that payrolls rose 100,000 during the month, according to the median of 88 estimates, compared with an originally reported 92,000 gain in July.

None of the analysts foresaw a decline, as predictions ranged from 35,000 to 140,000. U.S.

The numbers for June and July were also revised downward by 81,000.

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