Sorry for being a recession-monger this summer but my pessimism is, unfortunately, becoming more justified with every release. This morning’s August employment report was stunning in its dreariness.
There is no work here.
The economy showed no job growth in August, the first time there has been no job growth in the United States in a year.
The net addition of no jobs in the month was down sharply from a revised 85,000 gain of jobs in July, the Labor Department said Friday, and was far below a consensus forecast by economists of 60,000. The unemployment rate stayed constant at 9.1 percent in August.
I have a good friend with two young kids who lost his job yesterday. I don’t know what to say to him when I see him this weekend at dinner. I swear I would much rather be wrong about this stuff.