According to estimates, the US economy shed 520k non farm jobs in May, the 7th straight month above 500k but the smallest job loss of the 7. The unemployment rate though is expected to rise to 9.2%, the highest since Sept 1983, from 8.9% in April as the US economy needs to generate at least 125k jobs per month before a reversal in the unemployment rate is seen. The U6 unemployment rate, which includes part time workers who want full time and those no longer looking but would take a job if offered, was at 15.8% in April. With initial claims stabilizing at around the 625k level, the ADP May # falling 532k and a slight improvement in the employment component of the ISM services index, there is little reason for today’s # being much worse than expected (although will still be weak) but predicting govt data is never easy. Canada’s jobs report was weaker than expected with the level of unemployed at the highest since Mar ’98.
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.