Why a "must read"? Well, in the Weekly Update 10-7-2011, I outlined the number of new jobs that would need to be created to reduce the current unemployment rate of 9.0%,....... it was 9.1% before today's jobs report. In the recent issue I took a deeper dive in to the data that connects the jobs data to the growth of the economy, or lack there of.
The growth of our economy is measured by the Gross Domestic Product (GDP), or all of the goods and services we as a country produce. The Federal Reserve just announced a rather large reduction in this estimated growth. This reduced growth expectation does not paint a pretty outlook for jobs creation.
Since it is difficult to be a good consumer without a job, i.e. income and cosumer spending is 73% of our economic growth, it doesn't take alot of thought to come to the conclusion that we are in for a long slow economic recovery. Check out the details, it is quick read!
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