June 03, 2009
The U.S. economy's recovery may have stalled after data on Wednesday showed half a million private sector jobs were lost in May and mortgage applications fell last week as rising interest rates frightened away buyers.
The only news to me here was that the so-called recovery had allegedly ever started - which one would think is a prerequisite for stalling.
One ray of hope though came from another report showing planned layoffs at U.S. firms fell for a fourth consecutive month in May, reaching the lowest level in eight months.
Well, hate to cloud-up that ray of hope, but once you've laid-off everyone the pace of lay-offs tends to slow to almost zero.
U.S. companies axed 532,000 jobs last month, more than economists had expected, according to a report by ADP Employer Services.Worse yet, April's figures were revised to show more cuts than previously estimated, highlighting the ongoing deterioration in an economy that may have difficulty living up to expectations that it will resume growth in the second half of the year.
Funny, anyone I know who actually still has a job could have told you this without any of the fancy HopenChange spun numbers.
U.S. stock index futures fell in the wake of the ADP data which raised questions about an equities rally in recent weeks inspired by apparent signs that the recession may be bottoming out.
The Deuce, you say.
Look, I take no joy in this. Seriously. It doesn't make me at all happy that that economy remains in the shitter, that future growth prospects remain dim, and that we're only beginning to chow-down on The Suck.
But I just spent all morning listening to Obamorons blowing Happy Unicorn Farts up my ass about how well the HopenChange is working on the economy - and it does give me some pleasure to note that:
1) It's they, and not my own lying eyes, that are full of shit, and
2) Everything I've ever thought I know about economics (which is, granted, not very much) still seems to hold true
We have a long, long way of Total Suck to go in this one, folks - and that's assuming The Unicorn Prince, doing his best reincarnation of FDR, doesn't make matters worse before they have the chance to get better.
Best get used to it - the Happy TalkTM is not going to make this Shit Sandwich taste any better.
Posted by: DocJ at
09:54 AM
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Posted by: KOTM at June 03, 2009 10:12 AM (YYKx0)
People are saving their money more. They are not spending like drunken Democrats, even though the power-drunk Democrats in Washington are.
People (ordinary lower- to upper-middle-class people) are getting out of debt, since they have finally realized how stupid it is to follow the politicians' advice and example to spend, spend, spend.
The economy will be different when we climb out of this. I think people are not going to forget the savings lesson for a long time. I hope I'm right.
Posted by: Soccer Tease at June 03, 2009 11:07 AM (uiKEv)
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