President Obama expressed concern about unemployment. He said "what we are still seeing is too many jobs lost". He should be concerned. His election pledge was to create 3 Million new jobs. That's why the $780 Billion stimulus package was needed. So far it doesn't look like money well spent- not only no new jobs were created, but the economy keeps shedding existing ones.
For the month of June employers cut a larger-than-expected 467,000 jobs and the unemployment rate climbed to a 26-year high of 9.5%.On top of that, weekly wages fell as well, which is never a good sign. The same economists who have been telling as for months about signs of recovery and turning around, now predict unemployment to reach 10% this year. It is estimated  that 14.7 million people were unemployed in June.
That much for pre-election promises, as usual they seem to be baseless and bombastic. But more seriously, how much longer can the unemployment keep rising. I know, the 10% mark, but pays any serious attention to economists? Just about the only thing they produce is "filler" for newspapers. If they could predict anything with some degree of accuracy, they wouldn't be releasing figures. They would be trading, not writing research papers.
I closed most of trades today, including the ones featured in this blog like long GBP-NZD from last post. This trade reached its target, for a fast and decent gain.
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What improvement?