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VVance
6587 Posts |
 Posted - 09/05/2008 : 05:50:29 AM
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Jobless Rate Zooms to 6.1%, Payrolls Off By 84,000
The nation's unemployment rate zoomed to a five-year high of 6.1 percent in August as employers slashed 84,000 jobs, dramatic proof of the mounting damage a deeply troubled economy is inflicting on workers and businesses alike.
The Labor Department's report, released Friday, showed the increasing toll the housing, credit and financial crises are taking on the economy.
The report was sure to rattle Wall Street again. All the major stock indexes tumbled into bear territory Thursday as investors lost hope of a late-year recovery.
http://www.cnbc.com/id/26558467 |
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SkyChimp
77 Posts |
Posted - 09/05/2008 : 06:02:12 AM
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| how nice |
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Originate_This
388 Posts |
Posted - 09/05/2008 : 06:30:19 AM
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| We'll see what happens at the open in a couple minutes. Futures have gained about 80 points of what it lost an hour ago. Dow trading around 11140, although it looks like it's bouncing off a 61% Fib retracement. |
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Managing Prime
2960 Posts |
Posted - 09/05/2008 : 07:07:07 AM
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| Good for rates. Bad for out of work LO's. |
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ritabradley01
4945 Posts |
Posted - 09/05/2008 : 07:17:40 AM
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| ooo good for rates! |
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CoolMtgGuy
9062 Posts |
Posted - 09/05/2008 : 07:27:40 AM
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... and for unemployed borrowers and home buyers too. We are just knats on the dog's azz ... we will be shaken off, swatted off or killed off one way or the other. It is amazing how somein this industry seem to suggest that we have any control of our destiny in this business. Fact is that we make a living by being MIDDLEMEN ... and will survive as long as the parties on BOTH sides of us continue to see value in us being there. That is not happening. Rougher seas are ahead ...
quote:
Originally posted by Managing Prime
Good for rates. Bad for out of work LO's.
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ritabradley01
4945 Posts |
Posted - 09/05/2008 : 07:34:40 AM
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Thanks for bursting my bubble.  |
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CoolMtgGuy
9062 Posts |
Posted - 09/05/2008 : 07:40:35 AM
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Was responding to the 2nd part of a post.
The 1st part remains true ... bad economic news will likely cause improvement in mortgage rates. Your "bubble" is intact!
quote:
Originally posted by ritabradley01
Thanks for bursting my bubble.
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ritabradley01
4945 Posts |
Posted - 09/05/2008 : 07:47:56 AM
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| Thanks...I feel a little callous now-I'm not glad unemployment is up. It would suck not being able to get a job. |
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Managing Prime
2960 Posts |
Posted - 09/05/2008 : 07:52:19 AM
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quote:
Originally posted by ritabradley01
Thanks...I feel a little callous now-I'm not glad unemployment is up. It would suck not being able to get a job.
I'm glad it's up. Possibly the last stab at rates in the 5's for a long time to come. Not only that but I think we need the pain. The deeper the pain the more attention people will pay to the mistakes that brought us here and the longer people will remember. It's a good thing. |
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