A Lot Of Unemployed People

The non-farm payroll number came out this morning worse than expected.  In fact, it was the first decline we’ve seen in the last 4 months.  The estimate was for a loss of jobs 365,000 but the actual number was 467,000 for June.

Keep in mind this is a rear view looking number and it’s highly volatile and likely to be revised.  But, I thought it would be interesting to show just how big the magnitude is of job losses in this country.  Below is a picture going back to year 2000.

 

non farm payrolls 7 2 09

This is one of those indicators we’ll have to keep an eye on the moving average.  These numbers are going to start looking better and better going forward but it won’t be in a straight line.

This post published at www.karleggerss.com

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