Thursday, February 05, 2009

Stimulus, Bailout and Employment Report

by Bill McBride on 2/05/2009 07:34:00 PM

Just a summary post:

  • The Senate could vote on the stimulus plan tonight. The bank bailout plan will be announced on Monday by Secretary Geithner. President Obama will then hold a press conference at 8 PM on Monday.

    A couple of stories:

    From the NY Times: Democrats Ready to Press Ahead on Stimulus Vote

    From Reuters: Geithner says must avert future crises
    The Treasury chief is to make the administration's proposals for reinvigorating the financial system public in a speech on Monday, though no details about when and where it will be delivered were yet available.
  • The employment report will be released tomorrow morning. It will probably show close to 500 thousand jobs lost in January and the unemployment rate rising to 7.5% or so.

    Employment related stories this week:

    The DOL reported tody: Unemployment Claims Highest Since 1982

    From MarketWatch: Monster Employment Index Declines in January
    Index dips 13 points as online recruitment activity slows for the fourth consecutive month

    Year-over-year, the Index was down 26%, a more negative pace than that seen during the previous three months, suggesting further deterioration in labor market conditions to start 2009
    From ADP:
    Nonfarm private employment decreased 522,000 from December 2008 to January 2009 on a seasonally adjusted basis, according to the ADP National Employment Report®
    From Reuters: Planned layoffs in January hit 7-year high
    Planned layoffs at U.S. firms in January reached their highest monthly level in seven years, according to a report released on Wednesday, as the more than year-old U.S. recession took an increasingly heavy toll on employment.
    ...
    Job cuts announced in January totaled 241,749, up 45 percent from December's 166,348. Layoffs were up from 74,986 in the year-ago period.