July 9th, 2009 by Reed Allmand 
According to an article in the Star-Telegram, last week’s job losses were lower than expected, dropping by 52,000 to a seasonally-adjusted 565,000, while the number of people continuing to receive unemployment benefits rose.
The article said:
“This is not as positive as it looks,” Jennifer Lee, an economist at BMO Capital Markets, wrote in a note to clients. “There are a number of special factors at play here, including the fact that the holiday-shortened week skewed the data.”
The drop in the number of job losses was mostly caused by a delay in auto industry job losses which normally take place in early July. Analysts predict that once those automotive industry job losses take place we will actually see a spike in the unemployment rate. Last month the unemployment rate rose to 9.5 percent; but many analysts expect the unemployment rate to tip over the 10 percent mark as other industries, (i.e. retail, real estate and the food industry) implement job losses in their efforts to avoid bankruptcy. Some cities in the hardest hit states, such as California and Florida are already seeing double digit unemployment rates.
About Reed Allmand
Allmand's vision is rooted in his own financially precarious childhood in Abilene "My father always had difficulty holding a job and supporting our family, so after my parents divorced when I was 12, my sister and I got jobs to help make ends meet," he recalls. "I remember what it felt like as a child to worry that our car would be repossessed or home foreclosed on."
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