The experts got it wrong again. Last month private sector hiring was less than expected according to CNBC.
ADP and Macroeconomic Advisors said service-sector jobs rose 80,000, down from an average increase of 115,000 over the past two months, while the goods-producing sector saw a gain of just 11,000.
Consensus estimates are that the government will show the economy created about 80,000 jobs overall in August—including the public sector—though some economists say the report actually could show a loss of jobs.
The ADP report showed that June’s estimate of 114,000 jobs created was revised down to 109,000.
But the experts are still telling us we aren’t in a recession.
Things aren’t looking any better in the housing sector. Mish Shedlock has the gloomy news.
The Bad News
- Average Loan in Foreclosure Is Delinquent for Record 599 Days
- Of the nearly 1.9 million loans that are 90 or more days delinquent but not yet in foreclosure, 42 percent have not made a payment in more than a year with an average delinquency of 397 days, also a new record.
- As of the end of June, 4.1 million loans were either 90 or more days delinquent or in foreclosure, as delinquencies remain two times and foreclosures eight times pre-crisis levels.
- On average, at the current rate of foreclosure sales, judicial foreclosure states would require 111 months to work through inventories of loans that are 90 or more days delinquent or in foreclosure as compared to non-judicial states, which would be able to clear the inventories in approximately 32 months.
- Most of the foreclosure “outflow” is back into delinquency
- Loans deteriorating over 90 days still outnumber foreclosure starts 2:1
- Foreclosure starts outnumber sales by a factor of almost 3:1
Read the whole thing, in New York mortgage foreclosures are backed up a whopping 693 months. Which means this mortgage foreclosure problem isn’t going away any time soon. But don’t worry, President Obama has a plan.
Tags: foreclosures, hiring, housing, obama, private sector, recession
The Regime has us right where they want us. People just don’t trust them; in fact business and individuals are downright frightened of them and what their next move is. These “experts” keep proving the economic future is unclear and everyone’s on pins and needles. Progressives thrive on chaos and fear to move their agenda forward so I guess I’d be playing a lot of golf too.
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i dont know whether the socalled stimulus created 3 million jobs -more like it saved a lot of govt jobs and around here had some roads paved that did not need paving. I think the politicians have no clue – either of them. They seem to think it isn’t really their business or on their agenda. Pelosi just did not care at all – her business was to ram this health crap down our throat, and if it meant promissing that it would create jobs – throw that in too. One question is why there were so many layoffs after the market went nuts – did all those employers have a portfolio of lousy Mortgage Backed Securities ? I doubt it. Or was it just an excuse to do what they wanted to do anyway ? Or did the banks send them some kind of message ? Everybody has an excuse, so it is just like the thirties – it drags on.
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