Friday, August 01, 2008

Friday news dump

More news that the Bush administration tried to slip in under the radar.
The nation’s employers eliminated 51,000 jobs in July, the seventh consecutive contraction in the labor market, as the unemployment rate reached a four-year high, signs that the pressure on business owners and consumers is likely to continue.

Still, the decline in the job market has softened since the spring. The number of layoffs was less than the 75,000 that economists had expected, and the government said that businesses cut fewer jobs in June and May than previously reported.

Still, the nation’s unemployment rate has steadily moved higher. In July, it rose to 5.7 percent from 5.5 percent in June, its highest level since March 2004.
Note the “good” news: The number of layoffs was less than 75,000. That means things are getting worse, but more slowly than analysts thought they would.

So the economy hasn't gone down the toilet. It’s just circling the drain.

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