Not a pretty set of numbers. The recession on Main Street continues as the unemployment rate jumps to 10.2% and losses for October come in at 190K. This is substantially worse than the unemployment rate of 9.9% and 175K in losses that analysts were expecting.
The one bright spot in the report appears to be the 0.3% increase in hourly earnings. All in all, it looks like an ugly report at first glance. The dollar is surging on the news as the risk trade comes off the table. Futures are down nearly 1% following the news.
At this point in the chess game you have to start thinking several moves ahead. The unemployment rate is likely to remain very high into Q1 & Q2. What will the chatter from Main Street be in June of 2010 if the unemployment rate is at or near 10% and the Fed and White House continue to ramble on about their recovery that has been fictitously printed on your devalued currency?