Saturday, October 3, 2009

Stalled economy keeps shedding jobs

Mish, a bearish economic commentator, reports on "Unexpected negative numbers" on the BMI and on unemployment. These numbers are showing that September employment and economic activity worsened from August. He says More bad job numbers are coming down the road.

Will the "big L" continue? It's possible. Some think we are in a depression, and although I don't agree with the d-word, the signs show we are scraping bottom, not lifting off, in a tepid sluggish economy that today employs fewer people than 6 years ago. There are signs the economy stabilized, but shedding jobs is not growth, and the temporary effects of 'stimulus' do not add, but detract from long-term economic growth. Almost 4 million jobs have been lost so far on Obama's watch, with September the 21st straight month of job contraction, and there is little hope that those jobs will be restored quickly.

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