The AP is carrying
a story, today (July 2), that is the forebearer of continuing
bad news. In January of this year, there was the hope and the
claim that the economy was growing after four years of very poor performance.
GDP was announced as being 2.2% and the monthly "jobs created"
report was at 230,000. Today, six months later, jobs creation
has fallen to 60,000 per month, not enough to keep up with population
growth; GDP, touted to be 2.2%, has been adjusted downward
for the first half of the year, to a miserable 1% - a number
that puts the nation in the beginnings of a true and second recession.
And things are not looking good for the near future.
Manufacturing numbers came out today, and they are at a three year
low. Driving this downward trend are "new orders" as a
measure of consumer confidence, fell to a shocking 10 year low.
Let's not forget that admitted unemployment rose from 8.1 to 8.2
percent, last month. No modern day sitting president has been
re-elected with such numbers.
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