Economic genie is out of wishes 

Flickr photo courtesy of That Other Paper.

One of these monthly payroll reports will signal a turn in the economy to self-sustaining growth, and splatter the bond and mortgage markets all over the windshield.

Not today. The payroll positive in August: Non-government jobs rose by 67,000 (half of those in unaffordable health care, the only sector to gain jobs every month of the recession).

Details were thin cheer: Overall employment fell 54,000 in August, as cuts in one-time Census workers and other government jobs overwhelmed the private gain; and a June-July revision found that we did not lose 352,000 jobs, only 229,000.

Flat, going nowhere ... but not a double-dip. Therefore, sell safety-bonds: 10-year T-notes jumped to 2.75 percent from 2.47 percent on Wednesday, but mortgages have held at 4.5 percent.

more...

To view this premium content sign in to your Premium Member account.

Premium Members have full access to all news archives & premium content.

Purchase Premium+ Membership for $99/year OR
Premium Membership for $49/year

Buy Now

Advertise with Inman

All rights reserved. This article may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this article without permission is a violation of federal copyright law.