Saturday, October 08, 2011
Jobs report shows gains, but numbers could be deceiving; activists want people to pull all checking accounts from banks and put them into credit unions
There was a mildly pleasant surprise in the jobs report for September, with a gain of 103,000 jobs (officially, by Census figures, as projected from statistical sampling of interviews) compared to 57000 in August. Bloomberg has a numbers-oriented report here.
The numbers may be inflated by the settling of a strike against Verizon, bringing 45000 people back to work. The unemployment rate stayed the same.
At the same time, dire warning have come from some quarters that the European banking system could completely unravel by Halloween (see my International blog).
Cadie Thompson, of CNBC, has a report of a grassroots drive to encourage all individuals to pull checking accounts out of banks and put them into credit unions, link here. Part of this is motivated by the plans of some banks (like Bank of America) to impose $5/month (or so) fees for debit card use, to recover income lost after Congress limited what could be charged to merchants, about which there was a major campaign this summer.