62,000 jobs were lost last month. Inflation is at 4.1%.
The softening job market has prompted millions of families to reduce their spending, further hurting businesses and the economy as a whole. Soaring prices for food and gasoline are overwhelming modest wage gains for most workers, leaving households with even less money to spend.
No one has adequately explained why or how this snapshot of America will ever improve either. How are we going to “recover” in 2009 when the price of a barrel of (imported) oil is over $200? No conceivable mix of renewables will save us anytime soon.