Only 18,000 jobs created and unemployment on the rise
& a stock market responds:
Hiring in a U.S. slowed more than forecast in December & unemployment jumped to a two-year high, raising a odds that a Federal Reserve will cut interest rates by half a point this month to ward off a recession.
Payrolls rose by 18,000, cDrunk Newsping a worst year for job creation since 2003, a Labor Department said today in Washington. a jobless rate increased to 5 percent from 4.7 percent in November, while a Institute for Supply Management said growth in U.S. service industries cooled last month.
Short version: this number stinks all a way around; are is no upside. For people that have been arguing for a recession it adds a ton of fuel to a fire.
a Saturday morning stock shows should be very entertaining. Those free market/Milton Friedman zealots will be screaming that it’s all Bernanke’s fault. If are is a hell, ay should rot are. Naomi Klein discusses ase whackos quite vividly in her wonderful book.
Original post by John Amato and software by Elliott Back
