Stocks: Market Crash Looming

[HOLLYWOOD]

http://www.bls.gov/news.release/empsit.nr0.htm


652,000 left the search for a Job! (Not Counted as Unemployed)

7 MILLION on Unemployment for more than 52 Weeks!

May 2010 Jobs revised DOWN to 33,000

Yeah, but we created:

91,000 Service Jobs with 20,500 of them Temporary Jobs

In June, the number of long-term unemployed (those jobless for 27
weeks and over) was unchanged at 6.8 million. These individuals made
up 45.5 percent of unemployed persons. [FONT=times new roman,times]Auto sales were off more than
expected, as sales plunged 30 percent in May, a far greater drop than expected.
Unemployment claims rose by 13,000 to 472,000, which is far higher
than usual if one is looking for signs that private payrolls are growing
in a sustained fashion.

[/FONT][FONT=times new roman,times]Private job growth has risen every month this year. But that growth[/FONT]
[FONT=times new roman,times] slowed to a worrisome trickle in May, as the economy created just 33,000 jobs[/FONT]

The civilian labor force participation rate fell by 0.3 percentage
point in June to 64.7 percent. The employment-population ratio, at
58.5 percent, edged down over the month. (See table A-1.)

The number of persons employed part time for economic reasons (some-
times referred to as involuntary part-time workers), at 8.6 million,
was little changed over the month but was down by 525,000 over the
past 2 months. These individuals were working part time because their
hours had been cut back or because they were unable to find a full-
time job. (See table A-8.)

In June, about 2.6 million persons were marginally attached to the
labor force, an increase of 415,000 from a year earlier. (The data
are not seasonally adjusted.) These individuals were not in the labor
force, wanted and were available for work, and had looked for a job
sometime in the prior 12 months. They were not counted as unemployed
because they had not searched for work in the 4 weeks preceding the
survey. (See table A-16.)

Among the marginally attached, there were 1.2 million discouraged
workers in June, up by 414,000 from a year earlier. (The data are not
seasonally adjusted.) Discouraged workers are persons not currently
looking for work because they believe no jobs are available for them.
The remaining 1.4 million persons marginally attached to the labor
force had not searched for work in the 4 weeks preceding the survey
for reasons such as school attendance or family responsibilities.
(See table A-16.)

2.6 Million Unemployed not counted by Uncle Sugar

 

[Lafayette]

These phony government numbers make me want to bash my head into my keyboard!



So 652,000 left the search for a Job, did they find one? WHO CARES!

The unemployment rate went down 2 fucking tenths of a percent!!!

MOTHER FUCKING RECOVERY BABY!






"2.6 Million Unemployed not counted by Uncle Sugar" ....shhhh! iks nay on the 2.6 illon may

 

[Original_Intent]

I'm sure the oil spill cleanup is taking up some of those displaced census workers.

 

[Sarge]

Wow, Just Wow this recovery is great,

Factory Orders - Consensus-0.5 % Actual-1.4 % New 9 mo low some say.

 

[angelatc]

The CBO just released an analysis of proposed social security reforms, all contingent on "if the recovery continues...."

 

[squarepusher]

Schwarzenegger orders min wage for state workers 200,000

wow

 

[HOLLYWOOD]

The CBO just released an analysis of proposed social security reforms, all contingent on "if the recovery continues...."

Love how these Congressional Clowns call cuts... "reforms"


Government in general fired 225K temporary Census workers, but hired 17,000 permanent/full time workers.


CALIFORNIA = Johnny Chiang state Treasurer refuses to reduce state worker pay to minimum wage. The cuts DO NOT effect government union workers, which is like 85% of the government force.


Check this out:

As a state worker now applied for CalWORKS, Food Stamps and MediCal/DentiCal. I also filed an application with HUD. I will now be able to get free child care/ day care for the next few years ($750 a month savings), get cash (Dont know how much but a few hundred per month), get stamps ( same as cash), have my future rent subsidized for a hundred a month, get a mileage reimbursement for driving back/forth to work, have the state pay for my car repairs when it breaks down, drop the...

reply from another: "I have used Home Loan Modification, now our kid will get free lunches at school for the kids, and we can also apply for all of those perks you're talking about... free childcare/daycare.

 

[HOLLYWOOD]

DOW: Busted... below 9700

40 Million H1N1 Vaccine Doses to be Incinerated (20%) and will dispose of a total of 43%, costing taxpayers a total of $560 MILLION boom... gone!

http://www.wibw.com/home/headlines/97638389.html

Some 40 million doses of H1N1 vaccine to be destroyed





As much as 43% of the U.S. swine flu vaccine supply may ultimately go unused — and be destroyed — according to a new report from the Associated Press. Roughly 40 million doses, or one quarter of the total supply produced by the U.S. to cope with the outbreak, have already expired and will be incinerated by public health authorities. According to the AP, the expired H1N1 vaccine represents a loss of about $260 million.
The currently expired doses — some of which expired this week — represent a leftover supply four times that of the standard surplus of seasonal flu vaccine. As Jerry Weir, director of the U.S. Food and Drug Administration's division of viral products, told the AP: "It's a lot, by historical standards."

Yet in addition to the roughly 40 million doses that have already expired, the AP reports that another 30 million will likely go unused and eventually expire — meaning that a total of 43% of the swine flu vaccine supply will be wasted.

 

[Pants]

unemployed

Now we have a record amount people who lost unemployment benefits who are now taking hardship withdraws from 401k.

The government can collect the 10% penalty.. This can't do any justice to the market if millions withdraw.

 

[celinar]

I guess the estimate durable goods orders upto 1.0 to 1.5

 

[libertybrewcity]

DOW: Busted... below 9700

40 Million H1N1 Vaccine Doses to be Incinerated (20%) and will dispose of a total of 43%, costing taxpayers a total of $560 MILLION boom... gone!

http://www.wibw.com/home/headlines/97638389.html

Some 40 million doses of H1N1 vaccine to be destroyed





As much as 43% of the U.S. swine flu vaccine supply may ultimately go unused — and be destroyed — according to a new report from the Associated Press. Roughly 40 million doses, or one quarter of the total supply produced by the U.S. to cope with the outbreak, have already expired and will be incinerated by public health authorities. According to the AP, the expired H1N1 vaccine represents a loss of about $260 million.
The currently expired doses — some of which expired this week — represent a leftover supply four times that of the standard surplus of seasonal flu vaccine. As Jerry Weir, director of the U.S. Food and Drug Administration's division of viral products, told the AP: "It's a lot, by historical standards."

Yet in addition to the roughly 40 million doses that have already expired, the AP reports that another 30 million will likely go unused and eventually expire — meaning that a total of 43% of the swine flu vaccine supply will be wasted.

what ever happened to swine flu? remember that huge scare, warnings from the world health organization, everyone running to their doctors? What a joke. I wonder how much the pharmaceutical companies made off of that scam.

 

[devil21]

what ever happened to swine flu? remember that huge scare, warnings from the world health organization, everyone running to their doctors? What a joke. I wonder how much the pharmaceutical companies made off of that scam.

It's amazing. They sure had me fooled and I don't fool easily. I'm sure it'll be quietly added to the list of "required vaccinations" for school children soon enough. Gotta keep that new revenue stream open...

 

[HOLLYWOOD]

what ever happened to swine flu? remember that huge scare, warnings from the world health organization, everyone running to their doctors? What a joke. I wonder how much the pharmaceutical companies made off of that scam.

you know... a secondary way to bailout BIG PHARMA industry. I think there's total of $9 BILLION spent in emergency SWINE FLU government funds.

Remember to always use a crisis to your advantage... and government is owned by these money masters.

****
ISM Down... AGAIN

Service sector employment down...

USPS rate increases... single stamp rate to .46 and everything else UP to offset a $7 BILLION deficit with the postal service... EVEN AFTER a multi-billion dollar bailout last year with taxpayer largess.

Chrysler/FIAT to build last PT Cruiser this Friday and shutting down the plant line.

 

[Sarge]

Ahhhhhh,

Who would have thought this would happen?

"New Loan Delinquencies on the Rise Again"

"Investors are worried that the risk of default for US local governments is growing" They must have strained their one brain cell on coming up with this one.

 

[devil21]

Ahhhhhh,

Who would have thought this would happen?

"New Loan Delinquencies on the Rise Again"

"Investors are worried that the risk of default for US local governments is growing" They must have strained their one brain cell on coming up with this one.

Those jumbo and Alt-A mortgages are resetting right about now in that Credit Suisse chart, aren't they? Of course, it'll be another few months before the media acknowledges it and of course the obligatory "unexpectedly" and "no one saw it coming" bullshit.

 

[Deborah K]

what ever happened to swine flu? remember that huge scare, warnings from the world health organization, everyone running to their doctors? What a joke. I wonder how much the pharmaceutical companies made off of that scam.

My pregnant daughter and my grandson and I all got the swine flu. My daughter almost died and she went to the hospital at the first sign of illness because she was pregnant with my granddaughter. It was serious. I felt guilty for advising her not to get her and my grandson vaccinated.

 

[libertybrewcity]

My pregnant daughter and my grandson and I all got the swine flu. My daughter almost died and she went to the hospital at the first sign of illness because she was pregnant with my granddaughter. It was serious. I felt guilty for advising her not to get her and my grandson vaccinated.

o yes, it surely was serious for some people and probably a flu vaccination was necessary for some, but it was way way way way way way over-hyped.

 

[Sarge]

I guess things are getting better.

"Microsoft to cut more jobs." No numbers yet.

"Wells Fargo To Cut 3,800 Jobs."

"Automotive Components Holdings plans to eliminate 200 jobs.'' MI

400k Teachers. State and police jobs likely to follow.

 

[Sarge]

Hey Ben and Timmay,

I am not forgetting you two and your never loosing money.

"Fannie Mae and Freddie Mac delist from NYSE"

They should be tried for what they dumped on the American tax payers.

The more I think about it, where is an attorney who has the guts to file an action to prevent them from loaning anymore money to them now they are delisted. Shut the Fed down on lending more to money pit that will never pay us back.

 

[HOLLYWOOD]

The sneaky Federal Reserve slips this BAD NEWS in... FED revises April's already declined Consumer Credit numbers down by another $15 BILLION!

http://www.dailyfinance.com/story/c...unges-in-may-april-revised-downward/19546497/

Consumer Credit Plunges in May, April Revised Downward
By JOSEPH LAZZARO Posted 3:30 PM 07/08/10

Americans' use of credit unexpectedly plunged by $9.1 billion in May, a 4.5% annualized rate, the U.S. Federal Reserve announced Thursday. Equally significant, April's consumer credit statistic was revised to a large $14.86 billion decrease, a substantial change from the previously-released $1.0 billion credit increase.

Analysts surveyed by Bloomberg survey expected consumer credit to fall by $2.0 billion in May. Consumer credit fell $5.2 billion in March.

With the April revision, May marked the fourth consecutive monthly drop in consumer credit, and the 18th decline in the past 20 months. In the past 12 months, total consumer debt has fallen 3.9% to $2.415 trillion from $2.514 trillion in May 2009.

The bulk of the nation's consumer debt reduction in May occurred in revolving debt, which includes most credit cards. Revolving debt fell by $7.3 billion to $830.8 billion, at an annualized rate of 10.5%. Non-revolving debt, which includes most auto loans, personal loans, and student loans, decreased by $1.8 billion to $1.584 trillion, at an annualized rate of 1.4% .

A perfect storm of factors coalesced during the 2007-2009 recession, resulting in steadily declining consumer credit balances. Stagnant incomes in many job segments, the loss of more than 8 million jobs from the workforce, reduced credit lines, and higher interests rates by card issuers have prompted Americans to reduce credit balances over the past two years.

Most economists view the declining balances as a positive development, in the long run, since Americans over-consumed in the previous decade, resulting in high and in many cases unsustainable credit card balances.

********************************************************************


The FED is pulling the same circus stunts as with the DOL unemployment numbers.

http://www.cutimes.com/News/2010/7/Pages/Consumer-Credit-down-at-CUs-and-Overall.aspx

Consumers appeared reluctant to take on additional credit as concerns persist about the pace of economic growth.
Credit unions had $223.7 billion in outstanding consumer credit in May, down from April’s revised figure of $224.8 billion, according to data released today by the Federal Reserve. Overall, outstanding consumer credit fell to $2,400 trillion, from $2,407 trillion in April.
At credit unions, outstanding revolving credit increased to $34.6 billion in May, from April’s revised figure of $34.5 billion. Revolving credit, which mostly refers to credit-card related payments, fell overall to $824.2 billion in May, from April’s revised figure $829.6 billion.
In May, there was $189.1 billion in outstanding non-revolving credit, loans for cars and boats, at credit unions, compared with the revised figure of $190.3 billion in April. Overall, there was $1,576 trillion in outstanding non-revolving credit in May, down from April’s revised figure of $1,578 trillion.