From Ugly to REALLY Ugly.
Just caught this from PowerLine:
For blue-collar workers — “production and nonsupervisory employees” — aggregate hours fell, aggregate payrolls fell, average weekly hours fell, average hourly earnings fell, and average weekly earnings fell.
We know there will be 'adjustments.' But that means that utilization fell, and that confirms the down-tick in the ISM numbers from November.
All of which means that DEMAND fell (or inventory adjustments are taking place).
...Oh, and that Bernanke was completely correct in continuing asset purchases through the first half of next year.
ReplyDeleteBut let's talk about the deficit and how we're going to pay 2.95% interest on our 10-year debt obligations.