Friday, September 04, 2009
via calculated risk.
i would reiterate from two months ago the point of bill gross as conveyed by edward harrison:
His basic point is this: no jobs and no wage growth equals no recovery.
We need to see incomes rise in order to get consumers to spend. If the Obama Administration wants recovery, they need to do more to increase incomes and worry less about bailing out the banks.
the aggregate weekly hours index (AWHI) continues to shrink at ever greater year-over-year rates, but the monthly seasonally adjusted rate of collapse has moderated significantly.