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FSN: Household Survey: Number of Employed Declines by 119,000 as Those Not in Labor Force Rises by Spectacular 581,000; Yes, Virginia, It’s a Recession
Be prepared for the next great transfer of wealth. Buy physical silver and storable food.
by Mike Shedlock
MISH’S Global Economic Trend Analysis
Recession Numbers Second Consecutive Month
Yesterday I was asked if the services ISM changed my view about the US being in recession. I responded that I wanted to see today’s job report first.
Well I have seen it and the report is nothing short of a certified disaster.
Yes, Virginia, based on the household survey, and manufacturing reports, the regional Fed surveys the US is in recession.
The one survey that is different is the ISM services report. The question is why? This is speculation, but I believe ISM has too few companies in the survey, and perhaps large companies are still growing while medium and small-sized firms are not. The other possibility is the ISM report is an outlier for another reason.
Continue Reading at GlobalEconomicAnalysis.Blogspot.ca…
2012-09-07 12:36:22
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