The private sector is not fine, as some extremely worrisome economic news today emphasizes.
The government’s April Job Opening and Labor Turnover report was, in the words of JPMorgan economists, “soft, lending some credence to the view that the April-May slowing seen in the payroll report was real and not a statistical fluke.”
– The number of job openings in April fell 325,000 to 3.416 million. That’s the lowest level since November of last year.
– But here is the real red flag. Private job openings fell 282,000 — the most since early 2009 — to 3.080 million. Early 2009, if you recall, saw the economy just hemorrhaging jobs.
Another summer of no recovery brought to you by Barack Hussein Obama! Anecdotal here, sales are down and prices are falling for raw material. A couple of my suppliers have added a week to their traditional week long summer shutdown.
Thomas Sowell: There are no solutions, just trade-offs.
