Friday's economic report was a total and complete disappointment:
"The Labor Department reported that employers added just 18,000 net jobs in June, the fewest in nine months.
The jobless rate ticked up to 9.2 percent from 9.1 percent.
The pace of job growth is not even enough to keep up with population growth -- it would take about 125,000 jobs per months to do so -- and certainly not enough to bring down the unemployment rate."
It will be very hard to put a happy face on this!
Why aren't companies hiring? How does a US$ 14 trillion economy only creates 18,000 net jobs?
The answer is two fold:
First, there is a lot of concern about pending regulations and taxes.
Second, and perhaps more important, we have a serious crisis of confidence.
We need "change" and it starts with a different president in The Oval Office.
Click here for our Friday commentary:
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