A nice weekend except on the job front

Well it was a nice weekend for me. I stayed down at my sister's place in Bundanoon and gave blogging a slight break. During the weekend my favourite team, Manly, won the NRL grand final while Casey Stoner managed to get some respect down on Phillip Island.

But I left you all hanging with unemployment figures on Friday. The good news is that the rate did not increase at all - it stayed at 6.1% and thus confirmed yet again my skills at looking at the big picture rather than short-term predictions. But it's fun to predict even when I'm wrong because I learn lots.

Wall Street didn't like the report. 159,000 extra unemployed - the 6.1% rate obviously being calculated with a lower participation rate as recently laid-off workers did not seek to find work in September (something they will eventually do this month).

Nevertheless I still think there is a chance of a 7.0% rate in October - though it is getting less likely. However I still have to point out that unemployment is still on an upward trend and more likely to speed up as the months go by and the credit market continues to seize up.

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