Job losses hit 579K in May

Job losses will continue to mount as the nation is expected to lose an average of 500,000 to 600,000 jobs each month for the next few months, the report said.
JUN 03, 2009
The United States shed an estimated 579,000 jobs in May, according to research released today by TrimTabs Investment Research. There have been 3.3 million job losses this year, according to the report. Moreover, job losses will continue to mount as the nation is expected to lose an average of 500,000 to 600,000 jobs each month for the next few months, the Sausalito, Calif.-based firm concluded. TrimTabs’ jobs estimates are based on an analysis of daily income tax deposits to the Department of the Treasury from all salaried U.S. employees. “Withheld taxes of all U.S. workers fell 4.9% year-over-year in May, down from 4.7% year-over-year in April,” Charles Biderman, TrimTabs’ chief executive, said in a statement. “Weekly unemployment claims have been above 600,000 for four consecutive months, and continuing claims hit a record 6.8 million, the highest level on record.”

Latest News

RIA dealmaking accelerates as three firms hit AUM milestones
RIA dealmaking accelerates as three firms hit AUM milestones

Wealth Consulting Group, Coastline and Maridea report fresh capital, acquisitions and asset growth as advisor M&A keeps climbing

VastAdvisor closes $1 million SAFE round from advisor-side backers
VastAdvisor closes $1 million SAFE round from advisor-side backers

Carson Group's Dani Fava, Jason Pereira of Woodgate Financial, and Sally George of Convergency Partners led the raise as the growth-tech startup builds out its AI platform and leadership bench.

Wells Fargo adds three advisor practices as recruiting rebound continues
Wells Fargo adds three advisor practices as recruiting rebound continues

New teams from William Blair, Ameriprise and UBS bring more than $560 million in combined client assets to the firm's employee and independent channels.

UBS will pay advisors 'handsomely' for banking starting next year
UBS will pay advisors 'handsomely' for banking starting next year

Regulators this year approved UBS Bank USA’s conversion to a nationally chartered bank.

SEC accuses Tricolor executives of hiding $800 million collateral hole
SEC accuses Tricolor executives of hiding $800 million collateral hole

How a subprime lender’s car-loan bonds allegedly unraveled before bankruptcy.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income