All Posts Tagged With: "Labor Department"
Dollar Rallies Again
In the currency market, the dollar rallied again against the euro. Late Friday, the euro was trading at $1.5383 vs. $1.5421 on Thursday.
US Job Losses up to 5.5%… Biggest Jump Since 1986
The US unemployment rate rose to 5.5% in May, the biggest jump since 1986.
The picture would be even bleaker were it not for controversial changes in statistical methodology at the US Department of Labor, says Dave Gonigam in The Daily Reckoning.
Slowly but surely, awareness is growing that government economic figures are being cooked.
83,000 Workers Fired by Financial Firms Since Last July
Since the beginning of the subprime crisis last July, financial companies around the world have fired a total of 83,000 workers, sparking fears that the global recession could be worse than expected. This from Bloomberg:
It’s as if the entire workforce at Goldman Sachs Group Inc. and Morgan Stanley vanished in less than a year.
From Tokyo to London to New York, financial companies announced plans to shed more than 83,000 jobs since last July as revenue and compensation pools evaporated, according to figures compiled by Bloomberg.
The Definition of Recession in 2008
Former Federal Reserve Chairman Alan Greenspan told the Financial Times today that, “I still believe there is a greater than 50 per cent probability of recession.” But, “that probability has receded a little and I think the probability of a severe recession has come down markedly”.
Dollar Manages a Rally vs Euro
In the currency market, the dollar reversed its recent trend and pushed higher against the euro. Late Thursday, the euro was trading at $1.5701 vs. $1.5791 on Wednesday.
Dollar Sinks
In the currency market, the dollar fought back from its session lows but still sank against the euro. Late Tuesday, the euro was trading at $1.5647 vs. $1.5507 on Monday.
Consumer Price Indexes May Lie
People are starting to question the readings of consumer price indices.
Dollar Makes Small Gains
In the currency market, the dollar erased early losses and firmed against the euro for the second straight day. Late Thursday, the euro was trading at $1.5432 vs. $1.5459 on Wednesday.
Dollar Firms as CPI is ‘Benign’
In the currency market, the dollar firmed a bit more against the euro. Late Wednesday, the euro was trading at $1.5459 vs. $1.5482 on Tuesday.
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