With all the big news happening on Wall Street, it is quite easy to forget the regular economic releases that go on. Today's release is the weekly unemployment figures.
These figures, of course, are based on the previous week's activities, so any big job losses occurring this week aren't going to be in it.
My prediction is that the figures are not going to be good, but they won't be incredibly bad either. 2008 Q3 is looking more and more like a economic contraction (even when taking this week's financial meltdown out of the equation) so I would assume that the figures will indicate a steady rise in unemployment but not some amazingly horrible figure. A number between 450,000 and 460,000 is probably the worst it would get.
Anyway, it is 12.05GMT and the release is at 12.30GMT. See you in less than 30 minutes. (Click on the link above to go directly to the release).
Update 12.34GMT
455,000. Not awful, but still bad. September 2008 unemployment is still looking at least 6.5% from my perspective.
These figures, of course, are based on the previous week's activities, so any big job losses occurring this week aren't going to be in it.
My prediction is that the figures are not going to be good, but they won't be incredibly bad either. 2008 Q3 is looking more and more like a economic contraction (even when taking this week's financial meltdown out of the equation) so I would assume that the figures will indicate a steady rise in unemployment but not some amazingly horrible figure. A number between 450,000 and 460,000 is probably the worst it would get.
Anyway, it is 12.05GMT and the release is at 12.30GMT. See you in less than 30 minutes. (Click on the link above to go directly to the release).
Update 12.34GMT
455,000. Not awful, but still bad. September 2008 unemployment is still looking at least 6.5% from my perspective.
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