A dismal jobs report sent all three major stock indexes, the barometers by which the nations measures its self-esteem, tumbling early morning Friday. The government reported that employers added no jobs in August and the official unemployment rate remained unchanged at 9.1%. The last time the headline employment rate was zero was February 1945.
Experts think the jobs data will probably push the Fed to do some kind of QE3 within the next month. They’re also equally confident that starting the printing wheels a-whirring won’t do anything to boost the nation.
It’s begin to feel like unless we invent some new kind of economy, the tunnel out of this is going to be very long and dark indeed.