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Source:
Jobless Rate Hits 7.2%, a 16-Year High
LOUIS UCHITELLE
NYT, January 9, 2009
http://www.nytimes.com/2009/01/10/business/economy/10jobs.html
Do not value money for any more nor any less than its worth; it is a good servant but a bad master. ~Alexandre Dumas fils, Camille, 1852
The US$ is at the high of the day vs the euro coincident with Greek CDS at the wides of the morning by 20 bps to 307 bps following the news this morning. This level is a 2 week high. In sympathy, CDS is wider in Spain, Portugal, Italy and Ireland. Bond yields are higher too and Greek stocks in particular closed down 3.4%. There is also an idiotic rumor out there that the Fed is again going to raise the discount rate after doing so a month ago. While they easily may but likely won't anytime soon, there is...
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January 10th, 2009 at 10:53 am
One of the most stable professions of my lifetime is about to see layoffs:
http://www.pharmacychoice.com/News/article.cfm?Article_ID=250578
1/9/09 – Fewer patients force hospital cuts: Area medical centers offer buyouts, eliminate jobs; layoffs could be next
As usual California appears to lead the nation..