Goldman Sachs Thinks US Lost 400,000 Jobs In November

The other more frightening bit of information is that Goldman Sachs believes that the nation lost 400,000 jobs last month. Most economists have that number close to 300,000. Goldman is saying unemployment is moving toward 7%. There is no data from the business or financial sectors to indicate that any jobs are being created. A look at the headlines reads a bleeding out of more jobs, sometimes tens of thousands a day. That leaves out all of the small companies cutting back. Those never make the evening news, but, in total, the destruction of entrepreneurial ventures may be going on at record rates.

Manufacturing, retail sales, and consumer spending are falling so fast that the effect is geometric now. This means that intervention is going from being a solution with fair prospects to one which is approaching futility. The government could be criticized for putting money into the economy too slowly, but it may be that the timing would not have mattered. The circle of jobs destroying housing destroying consumer spending destroying jobs may be too powerful.

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