Todays poor US jobs figures are "bad news for the world's largest economy, and for President George W Bush ahead of the presidential election in November...
Estimates for new jobs in July had varied from 125,000 to 240,000, and markets around the world were stunned by the actual figure.
"This is shockingly low and that's two months in a row now, and they even revised the number down for June and May as well," said Robert MacIntosh, chief economist at Eaton Vance Management in Boston...
"The (payrolls) number was definitely beyond any pessimist's wildest imagination. The dollar was punished as a result," said Ashraf Laidi, chief currency analysts at MG Financial in New York. "
When Bush loses his job, the recovery can begin!
But it's going to be a long, hard slog. The US budget deficit will hit a record high of $445bn this year. Of course, according to the Dick Cheney School Of Economics, "Deficits don't matter" (well, maybe they don't, if you're making millions out of fleecing the US taxpayer).
No comments:
Post a Comment