So much for all those green shoots:
Employers took 2,690 mass layoff actions in August that resulted in the separation of 259,307 workers, seasonally adjusted, as measured by new filings for unemployment insurance benefits during the month, the U.S. Bureau of Labor Statistics reported today. Each action involved at least 50 persons from a single employer. The number of mass layoff events in August increased by 533 from the prior month…Over the year, the number of mass layoff events increased by 803…
So, gigantic increase from the previous month, gigantic increase from the same time a year prior. This is an economy which is getting worse, not better – and its like a ratchet. The more people laid off the lower the consumer spending – both by the unemployed and by people more fearful of losing their jobs (such as, for instance, me and my sudden desire to save as much as I can). And this, in turn, shuts down demand for goods – even for Chinese goods, for all those money men who are hyping up China as the savior of the economy.
Its going to get a lot worse before it gets any better – and this is in spite of government numbers which will come out in the next few quarters alleging that the recession is over. Buckle up tight and get ready to ride it out – the money men are in for the biggest and final crash, and then we’ll have done with them along with their enablers in Big Government.
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