TrimTabs Estimates U.S. Lost 284,000 Jobs in October and 5.9 Million Jobs in Past Year
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TrimTabs Estimates U.S. Lost 284,000 Jobs in October and 5.9 Million Jobs in Past Year Data from TrimTabs and BEA Indicates Wages and Salaries Declining Sequentially SAUSALITO, Calif., Nov. 4 /PRNewswire/ -- TrimTabs Investment Research estimates that the U.S. economy lost 284,000 jobs in October, a modest improvement over the 358,000 jobs shed in September. TrimTabs estimates 5.9 million jobs were lost in the past 12 months. "We're not surprised Washington policymakers are mulling more stimulus measures," said Charles Biderman, CEO of TrimTabs. "Despite all the money the government threw at the economy in the past year, employers are still cutting hundreds of thousands of jobs per month." TrimTabs' employment estimates are based on analysis of daily income tax deposits to the U.S. Treasury from all salaried U.S. employees. Historically, TrimTabs' estimates have been more accurate than the initial estimate of the Bureau of Labor Statistics. "For the labor market to turn around, the economy needs to add 100,000 to 150,000 jobs per month," Biderman said. "While we've stepped back from the abyss, we've got a long way to go before the economy starts creating jobs." As the labor market continues to contract, those with jobs have less buying power. In a research note, TrimTabs explained that wages and salaries are still declining sequentially. TrimTabs estimates based on income tax deposits that wages and salaries fell 5.3% y-o-y in September and 4.6% y-o-y in October, steeper than declines earlier in the year even though year-over-year comparisons have become much easier. Wage and salary data from the Bureau of Economic Analysis (BEA) confirms what TrimTabs has been reporting for months. According to the BEA, wages and salaries fell sequentially in seven of the first nine months of 2009, including a sequential decline of 0.2% in September. "Our key indicators on employment and income suggest a sustainable economic recovery is a long way off," Biderman said. "The government has done a lot more to create make-work jobs for bureaucrats and pump up auto and home sales than to promote long-term growth." TrimTabs Investment Research is the only independent research service that publishes detailed daily coverage of U.S. stock market liquidity--including mutual fund flows and exchange-traded fund flows--as well as weekly withheld income and employment tax collections. Founded by Charles Biderman, TrimTabs has provided institutional investors with trading strategies since 1990. For more information, please visit www.TrimTabs.com. SOURCE TrimTabs Investment Research Alison Simard, Media Relations, Stern & Company, +1-323-650-7117, email@example.com; Charles Biderman, TrimTabs Investment Research, +1-707-527-1501, firstname.lastname@example.org
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