This economy seems to just get worse and worse SMH.
Stocks plummeted today as news came out that there were no new jobs in the whole month of August. Bloomberg had anticipated that there would be a 65,000 job increase in the month, but that clearly didn’t happen. Of course, this is more fuel to the fire as all the Republican presidential candidates have jumped out of the woodwork to send shots at Obama for failing to create new jobs.
“The jobs report was just ugly,” Michael Mullaney, a money manager at Fiduciary Trust in Boston, told Bloomberg. “We’ve been watching deceleration of economic activity on a global basis. Does that increase the odds of a recession? It’s a coin toss at this point, 50-50.”
It hasn’t helped that eight out of 10 people think that we’re actually in a recession right now. Of course, this means consumer spending will definitely go down. Basically, we’re all FAWKED. Ta-daaa!