Unemployment Still Heads Toward Double-Digits
The unemployment and change in non-farm payrolls data for August is out, and despite some positive trends seen during the weekly data it just isn’t pretty. The change in nonfarm payrolls was -216,000 versus somewhere around -220,000 to -230,000 expected. …
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But then came the revisions and July was worse than what the Labor Department originally reported in July. That figure was revised from -247,000 jobs originally reported to -276,000 jobs. The by-sector report offers no huge hope out there.
- Manufacturing -63,000.
- Construction -65,000.
- Services -80,000.
There was a gain in healthcare and education, but even government jobs fell: education and healthcare rose by +52,000 and the government was -18,000 jobs.
At least we aren’t seeing official reports of -400,000 or -500,000 any longer. We won’t keep harping on the unofficial unemployment being well above 15% when you count the underemployed, the contract, and the new part-timers.
JON C. OGG
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Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.
His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.
A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.
