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U.S. employers slashed 467,000 jobs in June, far more than the 363,000 economists had expected, the Labor Department reported this morning (July 2). The unemployment rate edged up to 9.5%. Economists had expected 9.6%. Including laid-off workers who have given up looking for jobs or settled for part-time work, the unemployment rate would have been 16.5%. The average workweek fell to a record-low 33 hours. Yesterday, the private ADP employment report recorded a loss of 473,000 jobs in June. Bill Gross of Orange County's PIMCO, considered the nation's leading bond expert, now says that economic growth may be 1% or 2% for several more years, with consumer spending exceedingly weak.

Comments
4

Calpers is going to have a huge meltdown because of the mismanagement of their pension fund.

They have allowed MORE underfunding on the pipe dream that a dot com style bubble will bail them out down the road.

This will go down as a mistake that will exceed their foolishness when they said the 3%@50 pensions would pay for themselves.

July 2, 2009

Response to post #1: It's my understanding that Calpers has problems. Best, Don Bauder

July 2, 2009

The economy is going to be in the gutter for years-and I think there is a very really possibilty of the entire economy collapsing if we continue to print money on credit.

Never before have I thought debt could cave in America's future-but after hearing of another $1 trillion dollars of "stimulas" borrowing this morning there is no doubt in my mind wthe entire countries economy will have a good shot at collapsing.

It is going to get worse, much worse, before it gets better.

July 8, 2009

Response to post #3: The improvement that will be reported in the second half of this year, and into 2010, will be chimerical. When the government and central bank create this much liquidity (they have thrown $12 trillion at the problem), there is bound to be an appearance of economic improvement. It's a liquidity mirage. Don't count on it. Best, Don Bauder

July 8, 2009

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4S Ranch Allied Gardens Alpine Baja Balboa Park Bankers Hill Barrio Logan Bay Ho Bay Park Black Mountain Ranch Blossom Valley Bonita Bonsall Borrego Springs Boulevard Campo Cardiff-by-the-Sea Carlsbad Carmel Mountain Carmel Valley Chollas View Chula Vista City College City Heights Clairemont College Area Coronado CSU San Marcos Cuyamaca College Del Cerro Del Mar Descanso Downtown San Diego Eastlake East Village El Cajon Emerald Hills Encanto Encinitas Escondido Fallbrook Fletcher Hills Golden Hill Grant Hill Grantville Grossmont College Guatay Harbor Island Hillcrest Imperial Beach Imperial Valley Jacumba Jamacha-Lomita Jamul Julian Kearny Mesa Kensington La Jolla Lakeside La Mesa Lemon Grove Leucadia Liberty Station Lincoln Acres Lincoln Park Linda Vista Little Italy Logan Heights Mesa College Midway District MiraCosta College Miramar Miramar College Mira Mesa Mission Beach Mission Hills Mission Valley Mountain View Mount Hope Mount Laguna National City Nestor Normal Heights North Park Oak Park Ocean Beach Oceanside Old Town Otay Mesa Pacific Beach Pala Palomar College Palomar Mountain Paradise Hills Pauma Valley Pine Valley Point Loma Point Loma Nazarene Potrero Poway Rainbow Ramona Rancho Bernardo Rancho Penasquitos Rancho San Diego Rancho Santa Fe Rolando San Carlos San Marcos San Onofre Santa Ysabel Santee San Ysidro Scripps Ranch SDSU Serra Mesa Shelltown Shelter Island Sherman Heights Skyline Solana Beach Sorrento Valley Southcrest South Park Southwestern College Spring Valley Stockton Talmadge Temecula Tierrasanta Tijuana UCSD University City University Heights USD Valencia Park Valley Center Vista Warner Springs
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