Worse than it looks, or even sounds:
The US economy created no jobs and the unemployment rate held steadily higher at 9.1 percent in August, fueling concerns that the US is heading for another recession.
It was the first time since World War II that the economy had a net zero jobs created for a month.
Average hourly earnings slid cents to $23.09...
Let's face it - once this report gets revised downward, as every single jobs reports has for the last dozen months, August will show a loss of jobs. Meaning that, broadly speaking, no one looking for a job found one, and even more people were likely laid off.
Worse - even those folks with a job are making less. And while the government fudges the inflation numbers by omitting food and fuel prices, those smaller paychecks are stressed even further due to....sharp increases in food and fuel prices. And if the EPA gets its way, well folks, we ain't seen nothing yet.
But wait! There's more! The stock markets had their worst August in a decade. With the average American's home value plummeting, their retirement savings disappearing, their income falling, and their remaining dollars stressed by the high cost of the staples needed for day-to-day survival, can anyone blame them for hunkering down and holding on to whatever monies they have left?
Which will result in even less jobs, less growth, and more economic malaise.
Welcome back the recession, folks. Hey - hope you didn't miss us much. But don't worry - the president is going to give a speech next week! One in which he will recommend raising taxes and incurring additional defects by spending money we don't have to create jobs that weren't created by this strategy in the first place!
Yeah, thats' the ticket....
Deja vu? Or just a Twilight Zone-esque nightmare, which keeps repeating itself over and over, despite our stomach churning with dread, and our desperate screams to wake up, wake up, wake up...?
UPDATE: As I alluded to earlier:
To make matters worse, net employment was revised downward for June and July by about 57,000 jobs overall...Prepare for a new round of spending stimulus...