10/7/10
Agree w/Bill Gross of Pimco: Fed to buy paper @ $100B monthly until job growth turns significantly up. Action starts in November.
FT’s Martin Wolf interviews Soros– about 6 minutes of video. http://video.ft.com/v/628298092001/George-Soros-warns-of-trade-wars-and-double-dip
“The unemployment rate remained at 9.6%, nonfarm payroll employment fell by 95,000, government employment fell by 159,000, and private sector employment was up 64,000.
“The broader unemployment rate, U6, which includes discouraged workers, involuntary part-time workers, and underemployed workers, increased to 17.1%. A year ago, that figure was 16.1 percent.
“The jobless rate has equaled or exceeded 9.5 percent for 14 consecutive months, surpassing the 13-month period from mid 1982 to mid 1983 as the longest span of elevated joblessness since monthly records began in 1948.
the average duration of unemployment continues to hover around record highs, leading America’s 14.8 million unemployed to feel more and more desperate. In September, the typical unemployed worker had been searching for a job for 33.3 weeks.
Felix Salmon: “the number of discouraged workers is up a whopping 71 percent even from the grim days of September 2009:
Among the marginally attached, there were 1.2 million discouraged workers in September, an increase of 503,000 from a year earlier. Discouraged workers are persons not currently looking for work because they believe no jobs are available for them. ”