Wall Street expects the U.S. economy to lose 550,000 jobs in May

[steven johnson]

The downturn is not over yet.

The key monthly jobs report is on tap for Friday. Wall Street expects the U.S. economy to lose 550,000 jobs in May, with unemployment breaking the 9% mark. While the economy is losing roughly half a million jobs a month, there was encouraging jobs data this week. Jobless claims edged lower, and continuing claims actually fell for the first time in 20 weeks.
 
After Thursday's closing bell Guess reported profits of 35 cents a share, beating analyst expectations. But it was a dark day for retail, with many companies reporting weak same-store sales for May, including Target ( TGT - news - people ), which saw sales slip 6%.
 
For a look at the consumer, stand by for the consumer credit report for April. Consumer credit was down by $11 billion in March, and analysts forecast another drop of $6 billion as Americans hunker down and keep a tight lid on spending.
 
Cascade ( CAE - news - people ) will likely move to the downside, after swinging to loss of $1.12 a share. The Street was looking for a small profit of 13 cents a share.
 
http://www.forbes.com/2009/06/04/stocks-earnings-unemployment-markets-transcript-outlook.html

[madrchsod]

1. one has to have a job to have money to spend

those who are employed have to have confidence that they will have a job to spend money

i do`t see either of those scenarios happening anytime soon

[xchrom]

2. recommend -- and the hits just keep on coming. nt

[rwheeler31]

3. Wall Street is disgusting.

[Abq_Sarah]

4. The unemployment rate will be in the double digits

Before this is over.

[Hawkowl]

5. 15%

I've been predicting 15% unemployment (official reported rate) for the last year. I see no reason to revise this estimate at all. At least not lower.

[TheWatcher]

6. Real Unemployment has been for quite sometime.

They've managed to Propagandize the Public so severely and successfully that many ACTUALLY think we are in a "Recovery" right now.

Our country is GONE.

It's becoming far more about surviving it than taking it back.

Most of our population couldn't be any LESS interested in taking it back.

They'd rather feel good and believe everything is Puppies and Rainbows.

[Psephos]

7. It will be there before this summer is over. eom