Friday, October 06, 2006

Get A Job

If you can find one. Reuters (10.06.06):
"U.S. employers added just 51,000 jobs in September, far below market expectations, according to a government report on Friday that showed weakness in construction, manufacturing and retail. The closely watched report on nonfarm payrolls from the Labor Department also showed the unemployment rate dipped to 4.6 percent from 4.7 percent in August. The 51,000-job gain in September was the weakest since October 2005, when only 37,000 jobs were added following Gulf Coast hurricanes." Jobs up 51,000 in September, below expectations
"Wall Street economists had forecast nonfarm payrolls to expand by 125,000 workers last month, according to a Reuters poll last week." It's the housing market. It drove the economy in 2005. Now it's driving the economy into the ground. Bloomberg (12.29.05):
"The housing industry accounts for only about 5 percent of the U.S. economy and yet generated half of the growth in [2005's] first six months and more than half of the private jobs added since 2001, Merrill Lynch & Co. said in an August report. Price appreciation helped add $5.2 trillion to Americans' balance sheets during the current expansion, or 68 percent of all wealth creation, according to the Federal Reserve." U.S. Economy: Home Resales Fall to Lowest in 8 Months


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