Increasing Odds of a R***

Today’s payroll survey shows only 113, 000 new jobs in July. That’s well below the 150,000 new jobs needed per month simply to keep up with population growth and newcomers into the job market. The July jobs report follows disappointing jobs numbers for June, May, and April. What’s happening? Mainly, a slowing economy that’s particularly affecting home construction, where a significant portion of job growth in the last few years had been coming from. What’s the significance? More people out of work, typically for a longer period of time. More importantly, lots and lots more people who know someone who’s lost a job or can’t find one, news that sends a chill into the wallets and pocketbooks even of those who have jobs. Which, in turn, means a lower rate of buying. Which, in turn, further slows the economy. Add in higher fuel prices for the typical family (gas, air conditioning, etc) and we’re facing increasing odds of a r** (a word not to be written unless the odds become so high that the mere mention does not contribute to its arrival). But be warned nontheless.