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Economic slowdown and more job losses - should you be worried?

Mon May 7, 2007 11:05PM | By Tony

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Today the market was watching closely Microsoft trying to buy Yahoo! instead of looking into the very core economic news, which I may add weren't great. The Labor Department reported that April payrolls increased by an anemic 88,000, the fewest added since a 65,000 gain in November of 2004. The unemployment rate went up by one-tenth of a percent. All that when everyone expected rather strong job growth. The market however just shrugged that off, with Dow Jones Industrial gaining 48.35 to 13,312.97, and S & P 500 adding 3.86 and closing at 1,509.48.

Adding to this, job gains in both February and March were revised downwards, to 90,000 in February, from 118,000, and 177,000, from 180,000 in March. These revisions are very important, since job numbers tend to follow the trend, and the prior month revisions make it almost certain that April’s figure will also be cut in the months ahead.

As Taipan Financial News further note, residential construction employment fell by only 4,100 jobs in April, although taking the revisions into account the sector has lost roughly 140,000 jobs, or 4%, since its peak in March of last year. With housing starts off 30%, the mortgage industry in full retreat, upwards of 50% of construction contracts being broken in some areas, and residential construction employment still significantly above its historical level of 2.5 million jobs, the rate of job losses in this sector is almost certain to increase dramatically in the coming several months unless the housing industry stages a miraculous turnaround.

Well, I don't think this turnaround is going to happen anytime soon. The pool of potential buyers has been shrinking. With lenders tightening their lending standards, it will for sure decrease even more.

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