Unemployed and buying a car!
Who says we live in an efficient market? We knew June job losses were higher than expected yesterday. Today, the headlines read doom and gloom (oil's down, stock futures, too!) b/c we've hit 9.5% unemployment, up from 9.4% last month. Um, yeah, the unemployment rate generally goes up if jobs are lost.
Besides being able to round unemployment up to 10% now, I read in the Wall Street Journal (here, if you have a subscription) that we've got the car companies calling a bottom after a less bad month. The best quote was from a GM official saying the company "feels pretty strongly that the bottom was hit earlier in the year." Can't get much lower than bankruptcy, right guys?