informationliberation
The news you're not supposed to know...




An Introduction to Austrian Economics: Understand Economics, Understand Everything
The Century of the Self: The Untold History of Controlling the Masses Through the Manipulation of Unconscious Desires
The Disappearing Male: From Virility to Sterility

The Obama Deception: The Mask Comes Off
Operation Gladio: The Hidden History of U.S. Sponsored False Flag Terrorism in EuropeThe New American Century: The Untold History of The Project for the New American Century
(more)
Article posted Jan 10 2010, 7:12 PM Category: Economy Source: The Guardian Print

US fears double-dip recession with rising job losses

Larry Elliott

Fears of a double-dip recession in the world's biggest economy were heightened today when Washington announced that the US shed 85,000 jobs last month.

Dashing hopes that America was pulling smoothly out of its toughest postwar economic setback, the commerce department revealed that the expected pre-Christmas hiring spree had failed to materialise.

Wall Street had been expecting fresh evidence that low interest rates and higher government spending were bringing a halt to the job losses that have sent the US unemployment rate spiralling to 10% its highest level since the early 1980s.

Revisions to November's payroll data showed the first jobs growth a 4,000 increase in more than two years. But the dollar, shares and oil prices fell back when the December figures were published.

Since the start of the financial crisis in August 2007, the Federal Reserve had cut interest rates to barely above zero and created new electronic money in order to kickstart growth.

Analysts said the poor employment numbers meant there was little chance of the US central bank raising rates in the near future, and that was leading to pressure on the dollar.

Amelia Bourdeau, senior currency strategist at UBS, said: "It was disappointing. The market had been looking for a flat to slightly positive result and investors had been wondering whether or not the market would price in rate hikes sooner than expected. "That won't be the case. So what we're getting is a weak dollar reaction. I think we'll see selective risk-seeking now, as this number will suggest the Fed won't be hiking rates earlier than the second half."

Dan Cook, analyst at IG Markets in Chicago, said: "It's a surprise. I didn't think we'd see something like this until February. I thought we'd have more temporary workers, and the other job indicators we had seemed fairly positive.





Latest Economy
- Who's Afraid of the Workers' Revolution?
- Sports Stadiums: Temples to Crony Capitalism
- Obamacare Architect Says Society Would Be Better Off If People Only Lived To Age 75
- Elizabeth Warren Says US Has "No Future" If Free-Market Embraced
- Cost of Renouncing US Citizenship Goes From Free In 2010 to 450$, And Now It's Been Jacked to $2,350
- Colorado's Illegal Pot Market Thrives
- Neighborhood Bully - America Recklessly Throws its Weight Around
- Doug Casey on the Phil Donahue Show (1980/1981)









No Comments Posted Add Comment


Add Comment
Name
Comment

* No HTML


Verification *
Please Enter the Verification Code Seen Below
 


PLEASE NOTE
Please see our About Page, our Disclaimer, and our Comments Policy.


FAIR USE NOTICE
This site contains copyrighted material the use of which in some cases has not been specifically authorized by the copyright owner. Such material is made available for the purposes of news reporting, education, research, comment, and criticism, which constitutes a 'fair use' of such copyrighted material in accordance with Title 17 U.S.C. Section 107. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner. It is our policy to respond to notices of alleged infringement that comply with the DMCA and other applicable intellectual property laws. It is our policy to remove material from public view that we believe in good faith to be copyrighted material that has been illegally copied and distributed by any of our members or users.

About Us - Disclaimer - Privacy Policy



Advanced Search
Username:

Password:

Remember Me
Forgot Password?
Register

Video: Cop Arrests Subway Performer For Singing, Despite Cop Reading Aloud Rule Saying It's Permitted - 10/20Video Shows Officer Coaxing Friendly Pets Closer With Kissing Noises Before Opening Fire - 10/20ISIS Cited as Michigan Village's Police Push for Secrecy - 10/20County Justifies Warrantless Raids Because Cannabis Plants Are An 'Immediate Danger' - 10/20Reading the Road Map to a Police State - 10/20FBI Director Demands Law to Give Cops Backdoor Access to Everyone's Private Data - 10/20New Zealand Police Raid Home Of Reporter Who Embarrassed Gov't Officials & Was Working On Snowden Documents - 10/20Chicago Cops Loot Taxpayers For Settlement After Beating Woman During Raid; Video 'May Inflame Jury' - 10/21

Rialto, CA Police Made to Wear Cameras, Use of Force Drops by Over Two-ThirdsCop Who Karate Chopped NY Judge In Throat Gets Off Scot-FreeFlorida Cop Smashes Compliant Woman's Face Into Car -- "Maybe Now You Can Understand Simple Instructions"VIDEO: Lapel Cam Reveals A Day In The Life Of A U.S. Police Officer (Tasing, Beating, Breaking & Entering, Stomping On Heads... and Laughing About It)Caught On Tape: Officer Sucker Punches Inmate In Face, Files Report Claiming 'Self Defense'Insult Person On Twitter, Go To JailSWAT Team Brings TV Crew To Film Raid Against Threatening Internet Critic -- Raids Innocent Grandma InsteadCop Karate Chops NY Judge In The Throat
(more)

 
Top