Friday, October 8, 2010

The September Jobs Report: Depressing

The US lost 95,000 jobs in September while the unemployment rate held steady at 9.6%.  There is no other way to say it, this is really awful.  There is no sign of momentum in the economy at all leading to very little doubt now that this is a U shaped recession, so called because of the extended period spent at the bottom.

It is hard to imagine that the Fed will not start to get more aggressive in quantitative easing with the now numerous signs that the economy remains moribund.

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