Employers cut 240,000 jobs in October. And August and Septemeber job loss were revised up by 179,000! That's loss off 419,000 in this job report! The unemployment rate rose to 6.5 percent. That's highest since 1994.
Despite the job loss the 10 year bond yield (as of now) rose .02 or .54%. You have to wonder if we will have a slowdown and an increase in interest rates.
We have been telling you that the how far down housing goes depends on employment and interest rates. And that it's going to get worse before it gets better. Well, this report is pretty bleak. Today I heard on Bloomberg radio (I think Goldman) economicsts are expecting the unemployment rate to rise to 8.5% by next year-end.
http://www.bloomberg.com/apps/news?pid=20601087&sid=ahUhUD7lCy7s&refer=home
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