MSNBC: Slow-moving economy runs into 'brick wall', job growth grinds to halt

[Better Believe It]

Slow-moving economy runs into 'brick wall'
Job growth grinds to halt as consumers, employers lose confidence
By John W. Schoen
Senior Producer, MSNBC.com
June 3, 2011

Policymakers, investors and economic forecasters are hoping that a sharp slowdown in economic growth last month was only a speed bump on an already bumpy road to recovery.

Because otherwise the ride could get a whole lot rougher.

"It is now pretty clear that the economy ran into a brick wall last month," said Paul Ashworth, chief U.S. economist at Capital Economics.

"This remains a horribly weak economic recovery. We're still looking at payrolls today that show 7 million fewer jobs compared to the peak of January 2008," said John Lonski, an economist at Moody's Capital Markets Group. "Until we make more progress on the jobs front, until we start to generate jobs at a rate of at least 300,000 to 350,000 per month, we're going to be disappointed with the pace of activity."

http://www.msnbc.msn.com/id/43267547/ns/business-eye_on_the_economy

[Autumn]

1. Now we know what a crash test dummy

feels like. k/r

[Cali_Democrat]

2. More tax cuts and money printing?

They seem to be working so well right now :sarcasm:

We got QE2 money printing and the resulting commodity price inflation, but shitty job growth.

QE has been a complete and utter failure. Same with the tax cuts.

[xchrom]

3. i'm waiting for the ubiquitous 'unexpected', 'no one could see this coming',

from the appropriate mouth pieces.

[Commie Pinko Dirtbag]

4. This is because you're taking money away from non-rich people.

Brazil did the opposite, and as a consequence is doing well.

[ClarkUSA]

5. Bullshit. April jobs number= FIVE YEAR HIGH, May job numbers were 38,000.

Furthermore, unemployment dropped to 9%.

Just because Republican-friendly bankster corporate types are spinning, doesn't mean I'm buying.

I'll wait for Paul Krugman's thoughts before I trust the Koch Party advocates being quoted in the OP.

[Andy823]

12. I agree

The right wing spin machine is in full force, and so are the doom and gloom crowd here at DU!

It always amazes me why some here are so good at getting out all the "negatives" they can find about Obama, yet never see "any" of the positives!

[dennis4868]

13. I have been saying that for the last 2 years....

many DUers focus on what did not get done and not at all on those things that did get done (even with the 24/7 fillubuster working against him in the senate).

[dixiegrrrrl]

6. Translation:

Businesses laid off everybody, refused to hire back ANYONE who was unemploymed,
hired some folks at sub-par wages with no benefits, and for some reason that did not stimulate the economy.
Then they tried hiring people only as temps.
Gee, no recovery.
This was after the government gave "too big to fail" banks and corporations all of our tax dollars to offshore production and cash.
Now the banks own millions of empty homes, there are no jobs, unemployed people are discouraged from applying for jobs, and for some reason....we have a lousy job market.

dunno why.

Heckuva job, Congress.

[aquart]

7. Which is what happens without a federal jobs program.

But I thought we learned that in the other depression?

PS: ain't nuthin' gonna change till we tax the rich and install punitive inheritance taxes deliberately designed to prevent the accumulation of huge fortunes.

[Turbineguy]

8. Eviscerated corpses, body parts everywhere.

photos please.

[DJ13]

9. What initially triggered the recession in 08? Oil speculation

What triggered the latest slowdown?

Insanity: doing the same thing over and over again and expecting different results.
Albert Einstein

[nebenaube]

10. Around here, it was Gov. Scott Walker

who probably also has syphilis..

[DJ13]

11. That goat sure gets around!

:rofl:

[spanone]

14. m$nbc this am was talking like it was the end of the world...i prefer speed bump

[Better Believe It]

15. You mean the economy was growing way to fast so we needed a "speed bump" to slow it down?

Tell that to the 17 million unemployed.