As of two weeks ago, the DC political debate seemed to be out to lunch on the jobs front. Today, as the conversation continues to drift elsewhere the jobs crisis seems to be deepening. ADP’s estimate of private sector employment shows an anemic increase of just 38,000, way below estimates. The ISM index of manufacturing output fell from 60.4 to 53.5 as well. We also saw all the stories yesterday about the continued dolldrums in housing, and now the Chinese economy is slowing as well and yesterday interest rates hit some kind of crazy new local low reflecting depressed expectations.
Someone really needs to do something about this.