{"id":188560,"date":"2010-09-03T16:24:00","date_gmt":"2010-09-03T21:24:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2010\/09\/03\/economics-update-32\/"},"modified":"2010-09-03T16:24:00","modified_gmt":"2010-09-03T21:24:00","slug":"economics-update-32","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2010\/09\/03\/economics-update-32\/","title":{"rendered":"Economics Update"},"content":{"rendered":"<div style=\"border: 1px solid black; margin: 0px 10px; padding: 5px; width: 400px; float: right; text-align: center;\">Click for full size<\/p>\n<hr \/>\n<p><a href=\"http:\/\/a.imageshack.us\/img203\/7723\/joblossesalignedaug2010.jpg\"><img decoding=\"async\" src=\"http:\/\/a.imageshack.us\/img203\/7723\/joblossesalignedaug2010.jpg\" bordercolor=\"white\" border=\"0\" width=\"390\" \/><\/a> <span style=\"font-style: italic;\">There is  more scary graph pr0n at <a href=\"http:\/\/www.calculatedriskblog.com\/2010\/09\/employment-diffusion-indices.html\">Calculated Risk<\/a><\/p>\n<p><a href=\"http:\/\/a.imageshack.us\/img825\/4017\/employpopaug20102782220.jpg\"><img decoding=\"async\" src=\"http:\/\/a.imageshack.us\/img825\/4017\/employpopaug20102782220.jpg\" bordercolor=\"white\" border=\"0\" width=\"390\" \/><\/a><br \/>And workforce participation is the lowest since 1984<\/span><\/div>\n<p>The non-farm payroll numbers came out, and, though better than expected, <a href=\"http:\/\/www.reuters.com\/article\/idUSTRE67N3B320100903\">they really suck<\/a>, with NFP falling by 54,000 and unemployment rising slightly to 9.6%, though most of that was the demobilization of the US census, and private payrolls increased by a better than expected 67,000.<\/p>\n<p>Once again, the <a href=\"http:\/\/en.wikipedia.org\/wiki\/Pangloss\">Panglossian<\/a> members of the financial <a href=\"http:\/\/en.wikipedia.org\/wiki\/Fourth_Estate\">4<sup>th<\/sup> estate<\/a> cast this as unbelievably good news.<\/p>\n<p>It isn&#8217;t.  It&#8217;s no where near the 100-125 K new jobs needed every month just to absorb new entrants to the job market.<\/p>\n<p>Things are still getting worse.<\/p>\n<p>And we have more evidence that the stimulus package that has driven the economy is running out of steam with the Institute for Supply Management&#8217;s Non-Manufacturing index, a measure of activity in the service industry, <a href=\"http:\/\/www.marketwatch.com\/story\/services-growth-slows-in-august-ism-says-2010-09-03-102400\">continues to decline<\/a>.<\/p>\n<p>It&#8217;s still showing meager growth, but only barely, and it missed expectations.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Click for full size There is more scary graph pr0n at Calculated Risk And workforce participation is the lowest since 1984 The non-farm payroll numbers came out, and, though better than expected, they really suck, with NFP falling by 54,000 and unemployment rising slightly to 9.6%, though most of that was the demobilization of the &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[973,975,1089],"tags":[],"class_list":["post-188560","post","type-post","status-publish","format-standard","hentry","category-economy","category-employment","category-recession"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/188560"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=188560"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/188560\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=188560"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=188560"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=188560"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}