Increased acceleration in job loss in US signal global recession as oil breached $146 per barrel
Alan Hershey
Jul. 3, 2008

The employment scenario in the United States is deteriorating rapidly. U.S. employers cut jobs for a sixth straight month and service industries shrank in June, signaling that the economic slowdown may deepen as the impact of federal tax rebates fades.

What is more negative than the loss of 62,000 jobs is the fact that well paying jobs were eliminated more heavily and people are being asked to consider lower pay or layoff.

It’s a double rummy say some business analysts. The underemployment is intensifying and changing into u8nemployment. That is a clear signal that the economy is changing from stagflation to deflation driven depression.

Falling employment, along with record gasoline prices and tumbling home values, have caused consumers to tighten their budgets after spending the more than $100 billion of tax rebates. The tax rebate came and went like a breeze. The borrowed money from the US Government’s budget deficit could not even shake the economy on the positive side.

In the mean time underlying basis for the strength in the economy continues to fall apart. The stock market is tumbling with growth oriented Nasdaq taking lead charge in the bear market price depreciation. The bond market is in the worst bear market ever with rising long term interest rates. The oil breached the $146 mark. The only bright spot of the economy – the exports are also challenged with the last ECB rate cut creating strength in US Dollar.

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