I agree bubba99, it’s the trend being established here. The Aug number and June and July revisions reflect the job market before the real impact of the credit crunch. Thats what is scary. Last I looked the credit crunch was still intact. So what you are seeing is a substantially weakening job market going into the credit crisis. Not good! The Fed will lower but that won’t be felt in the economy for next 7 to 9 mos and it won’t turn this thing around but only buffer the fall. Interesting that the ECB came out and said they have not ruled out further rate hikes which puts the FED in an even tighter spot. The dollar index has broken 80 which is a MAJOR MAJOR technical support level. You will have Fed Governors putting up a big fight against any rate cut due to the risk of inflation. All in all this is shaping up to be a pretty nasty recession. Nobody likes to vomit but sometimes you have to go to the toilet bowl and just get it over with. Right now the economy is holding its hand to its mouth and running for the bathroom.
