You are no doubt correct, tperkins. I noticed that last November’s private sector jobs growth was originally reported to be 215,000. That figure was revised downward today to 185,000. This morning’s report set new private sector jobs in December at 192,000 VS the projected number of 175,000. However, when revised figures are revealed next month the revision will most likely fall to around 170,000. It is a cold day in Hell whenever the reported GDP or jobs numbers are revised upwards.
As a consequence, I think it very likely that next month today’s GDP figure of -0.1% will be revised to -0.2%. Now, to be fair, Sandy certainly had some impact, albeit small, on the GDP - but we are 4 years into the Obama presidency and $5 trillion additional in debt at the hands of this ass clown and his Congressional cohorts with no end in sight and we are churning out these economic numbers. In addition, with the number of people that are no longer being counted in the unemployment figures as a result of dropping out of the job market, we KNOW that the nation’s unemployment rate is considerably higher than the reported 7.8%. The impact of the recent tax increases and Obamacare have yet to be felt to any degree.
I’m no genius and there are people on this cite that know more about this stuff than I do, but I know one thing - this can’t be good. The one bright spot - at least in some areas of the country - is housing. However, another quarter like the one we just experienced could take much of the steam out of that sector.
Regardless a person’s political philosophy there is simply no way to paint a happy face on any of this.