This morning's BLS Employment Situation Summary for August was dismal: unemployment jumped from 5.7% to 6.1% and non-farm payroll dropped by 84,000. One piece of good new, if you can call it that is that he silent employment problem did not get worse. As the BLS stated, "the number of persons who worked part time for economic reasons was essentially unchanged at 5.7 million."
Coming after the Fed's beige book report of continued slow economic activity, the past report of a 3.3% GDP growth looks more and more like a mirage.
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