Tuesday, July 21, 2009

Bad for Economy; Good for Economists

Well, the economy is still bad. The next national unemployment situation release is August 7th, 2009 by the BLS. This next report could be critical. May's report was for a loss of 322,000 jobs but June's unemployment report showed an acceleration of 467,000 job losses. If the new report of losses is above 467,000 (June), consumer confidence will take a hit. Above 322,000 is still very bad but less of a danger to the economy. My guess is for something around 350,000.

And the big question is when we will start with job creation ? When the the job numbers go positive ?? And in which sectors ??

We will also get a preview of unemployment situation on July 29th, 2009 with the release the Local Area Unemployment Statistics (LAUS)which measures unemployment in the 310 largest metropolitan areas in the US.

Meantime, it is a great time to be an economist or economic commentator. Business is booming. Economists and economic stories are the stop stories now. Check the Economist cover story on economics. And Jack Welch has been replaced by Paul Krugman as the economy's chief commentator. Economic news is top of mind right now. People are starting to understand some of the basic principals of economics. Soon everyone will have a basic understanding of economic issues. And the country will better for it.


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