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US economy plunges into stealth depression – perhaps more than 100,000 jobs lost in August and factories stalled
The US economy is in steady decline from Bush Cheney failures in all fronts. Payrolls in the U.S. probably fell in August for an eighth month and manufacturing stalled, signaling growth faltered, economists said before reports this week.
Employers probably cut 75,000 jobs this month, according to the median estimate in a Wall Street estimate ahead of a Labor Department report Sept. 5. A private poll in two days may show factory activity stagnated for a second month.
The employment report may also show the jobless rate was unchanged this month at a four-year high of 5.7 percent, according to the Wall Street estimate. Factory payrolls probably fell by 35,000.
Soaring costs and slowing sales are pushing carmakers and airlines to cut staff. UAL Corp.'s United Airlines, the world's second-largest carrier, last week said it’d eliminate 1,550 flight-attendant jobs to help stem losses. Declining demand is also prompting manufacturers to cut back. The Institute for Supply Management's factory index was probably unchanged at 50 in August for a second month, the survey median shows. A reading of 50 is the dividing line between expansion and contraction. The report is due on Sept. 2.
Commerce Department figures that same day may show spending on construction projects dropped in July for the fifth time in seven months, according to Wall Street estimates.
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