“Job losses in construction, manufacturing, transportation and government swamped gains in education and health care, leisure and hospitality, and retail. Employment in financial services was flat. The weakness in payrolls reflected fallout from the deepening housing slump, a credit crisis and financial turbulence that has made businesses more cautious in their hiring.
The report was much weaker than economists were expecting. They were forecasting payrolls to grow by 110,000.
The drop of 4,000 jobs in August was the first decline since August 2003.”
Now the question is will it be a 25 bps or 50 bps cut and does it even matter. There are many things screaming recession here.
