Friday, September 2, 2011

Austerity Forever

Hey, maybe talking about a fake problem for the last two years wasn't the best idea?:
WASHINGTON (Reuters) - Employment growth ground to a halt in August as sagging consumer confidence discouraged already skittish U.S. businesses from hiring, keeping pressure on the Federal Reserve to provide more monetary stimulus to aid the economy.

Nonfarm payrolls were unchanged, the Labor Department said on Friday, the weakest reading since September. Nonfarm employment for June and July was revised to show 58,000 fewer jobs. Despite the lack of employment growth, the jobless rate held steady at 9.1 percent. The unemployment rate is derived from a separate survey of households, which showed an increase in employment and a tick up in the labor force participation rate.
. . .
If job growth does not accelerate, it could take more than four years to return to the pre-recession employment level. Private payrolls increased only 17,000 after rising 156,000 in July. Government employment fell 17,000, contracting for a 10th straight month. The decline in government payrolls was tempered by the return of 23,000 state workers in Minnesota after a partial government shutdown in July.

Details of the employment report were weak, with manufacturing payrolls falling 3,000, reflecting the slump in business confidence. Factories added 36,000 new workers in July as disruptions to motor vehicle production caused by a shortage of parts from Japan eased.

The average work week dropped to 34.2 hours, the fewest since January, from 34.3 hours. Average hourly earnings fell three cents.
I'm excited for next week's "jobs" speech to find out how more free trade deals and more spending cuts will get us out of this mess.


  1. well think about it this way: august was bad, but september will be worse. if they declare a fetus a person in ohio think it will have to pay property tax?

  2. "Free trade deals and spending cuts..."

    ... and don't forget unwarranted deregulation!

  3. Obama 2012, "Less crazy than Bachmann!"
    Aren't you EXCITED!?