Friday Dump - Payrolls Slump; Most Layoffs Since 09, Weak GDP Nowcast
In a continuation of mounting evidence that the US economy - not Japan (which is in recession), or China (which, call it whatever you want) is clearly slumping, or Europe (which, did they ever really exit the Great Recession?) - is seriously softening, and could be in a Growth Recession already.
Challenger, Gray & Christmas
2015 September Job Cut Report: Employers Slash Nearly 60K
The third quarter ended with a surge in job cuts, as U.S.-based employers announced plans to shed 58,877 in September, a 43 percent increase from the previous month, according to a report released Thursday by global outplacement consultancy Challenger, Gray & Christmas, Inc.
The September total was third largest of the year behind July (105,696) and April (61,582). It was 93 percent higher than the 30,477 planned layoffs announced the same month a year ago.
In all, 205,759 job cuts were announced in the third quarter, making it the largest job-cut quarter since the third quarter of 2009...
CNBC
Just glancing at the headlines made the jobs report look bad. Digging inside the details makes it look even worse
Why the jobs picture is even worse than you think
...Some context is necessary, as it's never wise to look at one month's results and try to draw broader conclusions about something as complex as the U.S. employment picture.
It wasn't just, then, that September was bad, with its meager addition of 142,000 jobs that was way below the Street's estimate of 203,000. There were plenty of other issues...
Six of the past eight reports have been revised lower in subsequent months... Taken together, the three months (July, August, September) averaged 167,000, a total that, while representing expansion, also signifies a major slowdown from the 260,000 per month clip for all of 2014. Moreover, at the beginning of the year, the three-month average was 312,000... The establishment survey's diffusion index.. reading above 50 denotes expansion; a reading below signifies that hiring is contracting.The level for September was 52.9. Yes, that represents that more companies are hiring than not, but it's down from 55.5 in August, 60.1 from July and 61.4 a year ago...
Federal Reserve's GDP NOW
The GDPNow model nowcast for real GDP growth (seasonally adjusted annual rate) in the third quarter of 2015 is 0.9 percent on October 1, down from 1.8 percent on September 28.
Challenger, Gray & Christmas
2015 September Job Cut Report: Employers Slash Nearly 60K
The third quarter ended with a surge in job cuts, as U.S.-based employers announced plans to shed 58,877 in September, a 43 percent increase from the previous month, according to a report released Thursday by global outplacement consultancy Challenger, Gray & Christmas, Inc.
The September total was third largest of the year behind July (105,696) and April (61,582). It was 93 percent higher than the 30,477 planned layoffs announced the same month a year ago.
In all, 205,759 job cuts were announced in the third quarter, making it the largest job-cut quarter since the third quarter of 2009...
CNBC
Just glancing at the headlines made the jobs report look bad. Digging inside the details makes it look even worse
Why the jobs picture is even worse than you think
...Some context is necessary, as it's never wise to look at one month's results and try to draw broader conclusions about something as complex as the U.S. employment picture.
It wasn't just, then, that September was bad, with its meager addition of 142,000 jobs that was way below the Street's estimate of 203,000. There were plenty of other issues...
Six of the past eight reports have been revised lower in subsequent months... Taken together, the three months (July, August, September) averaged 167,000, a total that, while representing expansion, also signifies a major slowdown from the 260,000 per month clip for all of 2014. Moreover, at the beginning of the year, the three-month average was 312,000... The establishment survey's diffusion index.. reading above 50 denotes expansion; a reading below signifies that hiring is contracting.The level for September was 52.9. Yes, that represents that more companies are hiring than not, but it's down from 55.5 in August, 60.1 from July and 61.4 a year ago...
Federal Reserve's GDP NOW
The GDPNow model nowcast for real GDP growth (seasonally adjusted annual rate) in the third quarter of 2015 is 0.9 percent on October 1, down from 1.8 percent on September 28.