The problem with measuring the perceived beginnings of an economic recovery based on a limited sample of two or three months of better-than-expected data is that it only takes one really bad month to completely skewer the findings.
U.S. employers cut 467,000 jobs in June, far more than expected, while the unemployment rate rose to 9.5 per cent, the government said on Thursday in a report that showed a labor market continuing to struggle with a deep recession.The June job losses were more than 100,000 greater than the 363,000 consensus of Wall Street economists polled by Reuters and broke a four-month trend of moderation in job losses.
There’s a silver lining to all this. We as a country are so used to bad news at this point, we can’t help but shrug off the dismal data, pull ourselves up by our bootstraps, and walk to the dumpster behind the bakery to forage for day-old bread.
