Unemployment tops 10 percent in 16 states in June: "WASHINGTON (AP) - The U.S. Labor Department says unemployment topped 10 percent in 16 states last month. The rate in Michigan surpassed 15 percent, the first time any state hit that mark since 1984."
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We are at 9.5% nationally, and headed up. Watch for the federal government to manufacture some positive statistics in order to generate some positive psychology. The stock market is hanging in there, but they always bet on the come.
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The market's seven percent gain this week is notable because I believe in retrospect, this week will be seen as a pivotal point in investor sentiment.
My impression this was the week where the market contemplated whether the economy will continue to shrink or grow and put its chips on the latter.
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