Wall Street shrugs off January job losses of 598K – Yahoo! Finance

mikehudack:

This is easy.  Terrible job losses were already priced into the markets.  Which is a fundamentally good thing: It means that the markets have mostly corrected for the present economic situation and that we may have hit something resembling a floor.  God willing.  I’m buying.

So…the estimates suggest that for every person who loses a job, 3.5 people within their family are affected by loss of income/loss of insurance. Since, only 9% of people can afford to purchase COBRA health insurance since the average premium is 84% of your unemployment pay, 1.9 millon people became uninsured in January.

Wall Street shrugs off January job losses of 598K – Yahoo! Finance