Click on the post for the story in the New York Times.
The thing that is new here is the contraction in jobs occured in the service sector. The last time this occurred this sharply was in 2001.
It was not a good sign last week when the Federal Reserve lowered it's benchmark rate .50% and then the mortgage rates for 15 and 30 year rose. That indicated to me that banks have no intention of passing the saving on to the consumer, but are keeping the difference to shore up their balance sheets. That is good and bad news. The banks will get stronger, but the bad news is that the consumer will not be able to spend freely till the lower rates are delivered to the marketplace in the form of lower mortgage costs.
That is my take on the story.
Click on the post for the full story in the New York Times.
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