I hate hard times. But the only way to get out of them is to get rid of Obama and his Leftist Senators.
June 21, 2012, 4:41 pm 4 Comments
A Darkening Jobs Picture By DAVID LEONHARDT
Jobs and the ElectionA weekly tracker.
The jobs picture is darkening. The latest batch of economic data has been fairly weak, especially surveys from the manufacturing sector. As a result, The Times’s weekly jobs tracker, based on forecasts from Moody’s Analytics, now shows a projected employment gain of only 125,000 in June, down from a projection of 150,000 last week.
Economists at Moody’s write:
June is shaping up as another difficult month for the U.S. job market, raising the odds that the Federal Reserve will have to do more, potentially as soon as August. …
Manufacturing has been the backbone of the recovery, but industry is showing signs of fatigue; factory output has declined in two of the past three months. Manufacturers’ confidence appears to have been rattled, as the first two regional manufacturing surveys for June were weak, including the employment details. …
Initial jobless claims failed to drop appreciably in the week ending June 16, leaving them up 15,000 between the May and June payroll survey weeks. The four-week moving average of new filings is at its highest level this year. Still, initial claims haven’t spiked, which signals that businesses are retrenching.
With Moody’s also downgrading its projections for July and August, the latest outlook revises the projected average monthly job growth for the six-month period before the presidential election to 149,000, from last week’s 157,000. That is still squarely in the range historically associated with a close electoral outcome, but not an encouraging direction for the incumbent.
economix.blogs.nytimes.com |
