Mark Thornton on Latest Jobs Data: Recession Looms

by Mises Institute

Press TV: What has gone wrong with the US economy?

[Mark] Thornton: Well the unemployment report today is very disturbing. The number came in 160,000 new jobs all of which are accounted for in the service sector and all the other sectors of the American economy are negative in terms of job growth or very disappointing.

So you are looking at construction, mining, oil, manufacturing, all of the core jobs are either stagnant or declining and so that is a very disturbing report and previous months were also revised downward and the number of people who are actually engaged in the labor force also declined. So in every aspect this was a very disturbing report.

Press TV: So what do you think the Federal Reserve will do and should do?

Continue Reading at…