According to a recent headline in Bloomberg, Stagnant August Hiring in U.S. May Signal Renewed Recession, the numbers don’t look promising.
The article quotes James Hamilton, an economics professor at the University of California, San Diego who has studied what has led to previous economic downturns in the United States. Hamilton warned:
“At this stage of the typical expansion we expect above-average growth and instead we are barely seeing any growth at all. We have to be more worried. Overall, the economy is in a delicate position and another shock could send us down.”
Julia Coronado, the chief economist for North America at BNP Paribas, also offered a grim forecast for the US economy. Predicting that the economy will drop at a 2 percent annual rate during the last quarter of 2011, she stated:
“September could mark the start of the slump. When there are no jobs and no income, there will not be a lot of spending either.”
With the latest job growth number at zero, it looks as though we might be in stall mode Read more » about Racing Into an Uncertain Future in Construction