Thursday, August 28, 2003

So if this is a recovery, where are the jobs? 

Jeannine Aversa of AP via WaPo writes:

The 0.7 percentage-point improvement to GDP reflected more military spending for the Iraq war and more robust spending by consumers and businesses than the government previously thought. ...

Keynes was right!*

Even if the economy perks up in the second half, the job market probably will remain sluggish for a while, economists say.

Too bad. I guess I'll have to write "GDP improved by 0.7%" at the bottom of my phone bill and hope things work out with Verizon...

The nation's unemployment rate dipped to 6.2 percent in July, but that was mainly because a lot of people left the civilian labor force. Businesses cut jobs for the sixth month in a row.

More discouraged workers! (And why not?) More lucky duckies!

Economists say businesses will want profits to improve and want to feel secure about the economic rebound before they go on a hiring spree.

Of course, no one says the hiring spree will be for US workers, eh?

* Ironic footnote: Roosevelt was right too; good to see the Republicans adopting some of his ideas...

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