Global Market Commentary, Analysis and Investments
While the US economy suffers from severe joblessness, one of China’s largest manufacturers, Foxconn Technology Group, is making plans to add about 400,000 new jobs over the next year and build new factories.
True, it’s the same Foxconn that recently experienced a string of 12 worker suicides, but apparently things are looking up!
[Read more...]According to the Organization for Economic Cooperation and Development (OECD), Greek unemployment is nearing 14 percent… but on-the-ground accounts peg joblessness closer to 90 percent in some regions.
The Greek government belt-tightening, in the form of austerity measures, should bolster the long-term economic health of the nation. However, in the near term many regions are hard hit by the stalled economy, including a suburban dock area called “the zone.â€?
[Read more...]Unsurprisingly, an “improving” economy that doesn’t include any jobs growth isn’t going to help anyone pay their bills. As a result, bankruptcy filings continued to increase in May to one of the highest daily levels we’ve seen in about five years.
According to Reuters:
[Read more...]Unemployment in the eurozone hit a new 10-year record in April at 10.1 percent. This is true even while excluding Greece… which isn’t bothering to contribute monthly data for the time being.
The rest of the PIIGS all had predictable increases in joblessness. Probably hit hardest are the young, which have an unemployment rate above 40 percent in Spain, and are now an average of 20 percent jobless for the eurozone overall.
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No Return on Government Investments
The news was good yesterday. Investors heard that Europe had its problems under control. Then, Obama told them that he was going to give the economy a jolt.
Investors breathed a little easier. The feds were on the case.
The Dow rose 183 points. Meanwhile, bonds went down, with the yield on the 10-year note rising to almost 2%. Oil rose too, and ended the day trading over $80. Even gold went up — $11.
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