Welcome to the recession.
Friday, January 4th, 2008Today an employment report revealed that seasonally adjusted nonfarm payrolls rose by 18,000 in December, the weakest job growth since August 2003. On top of that, private-sector payrolls fell by 13,000, the first decline in more than four years.
Most economists, as well as the market, were expecting payrolls to increase about 58,000 in December.
I view this as a sign that the economy is starting to falter. Housing is in toilets, unemployment is rising, consumer spending is in limbo, gas prices are high and going higher, and to cap it all off, our credit cards are maxed out (and by “we” I mean Americans in general).
It doesn’t help that …
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