Some good news on the jobs front for a change
I realize that in no way does this news represent any sort of real economic growth, but it is good to see people who have temporarily lost their jobs put back to work. Yesterday Chrysler announced that it will reopen 7 of its 11 assembly in June for the first time since the day after the company filed for bankruptcy in April. Chrysler supposedly has 38,000 production workers in the U.S., most of them excluding the 5,000 that worked at two plants thatwill be closed permanently, will return to the job in the near future. I suspect that many of the people who worked at these plants filed for unemployment when Chrysler went bankrupt.
As much as I strongly disagree with how the Administration shafted bondholders and rewarded the UAW, my hat is off to them for blasting Chrysler through the bankruptcy process much more quickly than I ever thought possible and getting these prople back to work ASAP.
Again, this is not jobs growth but it will contribute to the trend of slowing jobs losses that we have been witnessing over the past several months. On a related note, weekly jobless claims come out at 8:30 AM EST today. I have been paying very close attention to this number lately. Hopefully the weekly claims will continue to improve.
Chrysler set to reopen most plants