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FRIDAY, JULY 3, 2009

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Global Stocks Down as US Job Losses Rattle Markets

(Newser Summary) – Stocks fell in Europe and Asia today, marking the worst weekly slump in 6 years, according to the MSCI World Index. Markets were depressed by grim news expected in the latest US employment report due out this morning, reports Bloomberg. Economists predict figures will show a US loss of 75,000 jobs last month—the worst drop in almost 5 years. "The labor market pretty much hit the skids in August,'' said an analyst.

Observers fear the data will convince investors that recession is inevitable.The unemployment rate could soon top 6%, predicted the president of the Federal Reserve Bank in Boston. That would mean a total of 2 million jobs lost since the credit crunch hit last year. Indicators suggest that last month's losses could be even higher than 75,000.
Sources: Bloomberg, Bloomberg, www.marketwatch.com

More about:  recession • economy • US economy • unemployment • economic indicators • Beige Book

Unemployed workers enter the employment training facility,...
Unemployed workers enter the employment training facility, JobTrain, in Menlo Park, Calif., Wednesday, July 30, 2008.   (AP Photo/Paul Sakuma)
Economist predict that the August employment report...
Economist predict that the August employment report will show the US economy lost 75,000 jobs in August.   ((c) Daquella manera)
In this July 30, 2008 file photo, jobs brochures are...
In this July 30, 2008 file photo, jobs brochures are seen on display at a state unemployment office in Sunnyvale, Calif.   (AP Photo/Paul Sakuma, file)
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June Jobless Rate Hits
9.5%, a 26-Year High

363K job cuts predicted

Associated Press Associated Press Jul 2, 09 8:17 AM CDT
(AP Summary) - Employers cut a larger-than-expected 467,000 jobs in June, driving the unemployment rate up to a 26-year high of 9.5% and suggesting that the economy's road to recovery will be bumpy. The Labor Department report released today, which shows 100,000 more jobs shed than expected, indicates that even as the recession flashes signs of easing, companies likely will want to keep a lid on costs and be wary of hiring until they feel certain the economy is on solid ground. More »

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OECD report

 Recession Will 
 End This Year 

But growth will be sluggish through 2010, says Paris development group

Reuters Reuters Jun 24, 09 6:53 AM CDT
(Newser Summary) - The US recession will end this year, but fragile financial markets and sapped consumer wealth will keep the pace of recovery sluggish, an influential Paris-based economic prognosticator said today. The OECD—Organization for Economic Cooperation and Development—predicted that the US economy will shrink by 2.8% this year and grow by just 0.9% in 2010. The OECD also said that the housing market slump "may be approaching an end" and that the supply of unsold homes is declining. More »

More about:  recession • economy • US economy • housing market • growth • Organization for Economic Cooperation and Development

 Report Seeks More 
 Bank Stress Tests 

First round may have underestimated unemployment

Washington Post Washington Post Jun 9, 09 8:52 AM CDT
(Newser Summary) - The US should run a second round of bank stress tests if it turns out the government was overly optimistic about the economy in the first round, says a report to be presented to Congress today. The Congressional Oversight Panel, which monitors the bailout, applauded the tests thus far, but noted that they were based on the assumption that this year’s jobless rate wouldn't climb past 8.9%. Unemployment soared to 9.4% last month, the Washington Post reports. More »

More about:  Congress • recession • economy • unemployment • bank • stress tests • report • Elizabeth Warren

 Jobless Rate Hits 9.4%, 
 But Layoffs Ease 


Associated Press Associated Press Jun 5, 09 7:52 AM CDT
(AP Summary) - The unemployment rate jumped to 9.4% in May, the highest in more than 25 years. But the furious pace of layoffs eased, with employers cutting 345,000 jobs, the fewest since September. If laid off workers who have given up looking for new jobs or have settled for part-time work are included, the unemployment rate would have been 16.4%, the highest on record dating to 1994. More »

More about:  recession • economy • unemployment • jobless claims • Department of Labor

(Newser Summary) - Our long national nightmare could soon be over: Top economic forecasters expect the recession to end by the second half of this year, Reuters reports. In a new survey, experts predict the GDP will shrink by 2.8% this year but edge up 1.9% in 2010. Even so, economists add that the unemployment rate could peak at 10% early next year. More »

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