Lou Scatigna
This morning the Labor Department reported that 663,000 jobs were lost in March (more likely closer to 1,000,000) and the unemployment rate surged to 8.5% (more likely 16%) the highest since 1983.
Although employment is a lagging indicator, meaning it tends to turn up after the economy begins to improve, it is disheartening to see these numbers continue to rise month after month.
It is tough times out there for many families. It is difficult to find good paying jobs with benefits. Actually it's getting hard to find poor paying jobs without benefits.
The unemployed are unable to pay their mortgage, car payments and credit cards. The banks experience more losses and so it goes.
The stock market rally has been quite impressive I must say. While employment is a lagging indicator, the stock market is usually a leading indicator of economic activity six months down the road.
Let's hope the stock market is right.
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