New data from Gallup and others show a rather alarming trend of late – jobless rates climb, workforce participation is down, and factory orders decline by 2.4% month over month, signaling a potentially disastrous 3rd quarter for the American economy, and a significant drop from where we were one year ago.
The re-election of Barack Obama is now bearing its bitter fruits…
(The U.S. economy, much like Barack Obama, is but a shadow of its former self…)
Factory orders drop 2.4% in July, layoffs up in August
The number of planned layoffs at U.S. firms surged in August to their highest in half a year, with industrial goods manufacturers the hardest hit, a report on Thursday showed.
Employers announced 50,462 layoffs last month, up 33.8 percent from 37,701 in July, according to the report from consultants Challenger, Gray & Christmas.
Industrial goods manufacturers saw the biggest layoffs, cutting 22,162 employees, the largest total for the sector since January 2009.
The U.S. Payroll to Population employment rate (P2P), as measured by Gallup, dropped to 43.7% in August, from 44.6% in July, and is down from 45.3% in August 2012.
The U.S. workforce participation rate in August was 66.4%, a decline from 67.7% in July, and down from 68.1% in August 2012. LINK
Perhaps the timing of this dire economic data and the Obama administration’s sudden rush for military action against Syria is mere coincidence.
Then again… -UM
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