Negative Job Growth In August
Forget about monthly job growth, this economy actually shed jobs last month for the first time in four years. That’s right, negative job growth. The alleged unemployment rate stayed steady at 4.6% only because so many people left the job market. I guess we'll be spared any more flatulence from Bush for awhile about his good economy with millions of new jobs, which in reality are only a fraction of the number of jobs created under the Clinton economy. It was just last month that Bush credited his tax cuts for great job growth.
But the Fed says we have nothing to worry about from the subprime mortgage meltdown and they are still more worried about inflation than a contraction.
Update: The Dow falls nearly 250 points, and the dollar tumbles Friday.