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Dismal Jobs Report Reflects Economic Decline

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In other words, BoE governor Mervy King said Britain's economy is lousy.

On July 6, the Wall Street Journal headlined "Jobs Report Revives Fears for Recovery," saying:

Weak job numbers were reported for the third consecutive month. The quarter was the weakest since 2010. Nomura economist Ellen Zentner said soft data reflects a growing sense of uncertainty. What's ahead "could be the beginning of a (significant) downshift in economic activity."

US manufacturing is contracting. Household spending is down. Retail sales declined. The Redbook survey finished June with sales activity way below target year-over-year expectations. Instead of 2.9%, it registered 2.2%. Month-over-month gains were weaker. Instead of forecast 0.9%, it came in at 0.2%.

University of Michigan and Conference Board auto buying intentions show readings well off earlier year highs. Housing is in protracted Depression. Almost 30% of US homeowners are under water or have no equity in their homes. Recovery remains distant.

Consumer confidence reflects crisis conditions. The Fed, IMF and mainstream economics cut US 2012 growth forecasts. They still reflect overestimates. 

Officially recession ended in mid-2009. Unofficially things are much worse now than then and heading south.

Political Washington bears full responsibility. Instead of dealing responsibly with crisis conditions, bipartisan complicity turned hard times into worse ones. Expect voters to be unforgiving in November.

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Stephen Lendman lives in Chicago and can be reached at Email address removed

His new book is titled "How Wall Street Fleeces America: Privatized Banking, Government Collusion and Class War"

Visit his blog site at and listen to cutting-edge discussions with distinguished guests on the Progressive Radio News Hour on the Progressive Radio Network Thursdays at 10AM US Central time and Saturdays and Sundays at noon. All programs are archived for easy listening.

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I was born in 1934, am a retired, progressive small businessman concerned about all the major national and world issues, committed to speak out and write about them.

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