Think the jobs report was bad? Wait until the next one
The US economy sputtered toward creating just 148,000 jobs last month. And that was before the government shutdown and debt-ceiling fight.
Remember that 7 percent unemployment target for the Fed. Well, just a few months ago, Fed Chairman Bernanke told us that the FOMC expected that by the time we get down there, the Fed would likely have ended its tapering and monthly bond-buying would stand at zero.
Now, with just two percentage points to go for that threshold and the market betting on the Fed staying on hold until March, that instruction is looking a bit confusing. [The Wall Street Journal]
Perhaps the best evidence for federal spending cuts as the culprit behind weak growth is this: It's the only culprit left standing when you consider the other possibilities. Financial markets have been on a tear, and business and consumer confidence has been strong this year (at least until the October shutdown). Consumers have made major progress reducing their debt burdens. The housing market has stabilized, and is no longer a drag on the economy. One possible alternate explanation for the sluggishness is a rise in interest rates that has happened since May, when the Fed started signaling that tapering could be near, but generally it takes more than a few months for the impact of higher interest rates to translate into slower job creation.
In other words, there's every reason to think this should have been a good year for the American economy. Yet here we are back in the doldrums, experiencing the same ambling pace of recovery that has been all too common since the technical end of the Great Recession in the summer of 2009. Americans can probably look to Washington to assign blame -- and that's before the tumultuous last few weeks exact whatever toll they will exact on growth. [Washington Post]
Faster hiring that leads to bigger gains in wages would help to accelerate consumer spending, which accounts for about 70 percent of the economy. Even as the debate on fiscal policy heated up last month, retailers began announcing plans to add workers for the holiday-shopping season. [Bloomberg]
" . Past monthly unemployment rate declines have been attributed to large numbers of people giving up on looking for work entirely -- and thus not being counted as part of the potential workforce. But that wasn't the case in September." -
how does this guy know that? how does he know that September's unemployment rate does not exclude large number of people who given up looking for work entirely? Did he go around and knock on everyone's door in America and count the # of unemployed people who want work & can't get it and are not currently collecting unemployement benefits?
Most of the jobs being created are part time with no benefits and/or temporary.
Naaaa -- Don't think about that --- Let's figure out how to get some more out of the 1%.
God bless America!
Now mind you, this entire time, Those slaves were not allowed to Read or Write and thus educate themselves to be a part of any financial Boom Times. The only thing they were allowed to pass on were more babies to be used as more Free Slave Labor. So when you talk about Stealing, it's hard to beat the Hundreds of years of Wage Theft, Benefits, and the ability to even keep and pass on their own Heritage. Much less have access to any real education.
The Story of the Natives wasn't any better if not far worse. How bad can it be to lose an entire Nation at Gun Point. How can it be to see all the Natural Resource squandered just so that the 1% elitist are satisfied. There will never be enough current so-called theft to account for the past Hundred or so years of that. Especially since the working Poor and Fading Middle-Class are being treated slowly but surely, no different than those Slave and Natives. It's like a very slow poison Drip, Drip, Drip, until nothing is left. But go right ahead, buy in the MG version of the leech class while the 1% become far richer while the Rest of us become far Poorer. That's World History, and it continues.
Now here's the funny part if you want to call it that, We are willing to spend Trillions to protect a much smaller Group in the Middle-EAST while spending Trillions more at the pump for doing so. We did everything to make sure they had their Homeland Back after it was lost, shame how the Natives will never see the same. Especially as they were about Conservation, not waste.
You see, History is a painful thing, that's why most folks refuse to talk about. Accountability and Leech Class, that's a joke, we never accounted for Hundreds of year of Slavery and leeching off them while taking away an entire Country and resources that were never ours to begin with.
The biggest Problem has been that of Corruption and WASTE. The Government is an Bought and Paid for Entity owned by Mega Global Corporations. Well over half the DEBT issues are due to outright corruption and waste by Both Parties. The biggest benefactors have been the top 1%. Meanwhile the rest of us fight over the scraps. That makes the Global Elite very Happy.
Thousands of year of History has proven Governments worth to Society. Thousand of years of History has proven that it literally falls apart when Corruption runs rampant, public or private.
The more the Private or Public sector wastes via Corruption, the poorer people will be. This is an undeniable fact of economics. Investing in Corruption via a Government Bought and Paid for by Corporations is always bad for Consumers.
If the Consumer is actually 70% of the economy yet their Wages and Benefits have seen sharp declines for DECADES, job Reports won't be great and the Economy can't do well. That leads to Digital pumping from the Global FEDS and Companies Stock buybacks to keep the Bull running. There is RECORD Wealth in America in the hands of the very FEW. They will only need to buy only so much. Meanwhile those that actually have earned higher pay and benefits don't see it so they can't spend and boost the economy. You can't spend what you don't have. You can't save what you don't have.
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The solid report comes a month after the retailer closed all of its Canadian operations.
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