Wednesday, December 2, 2009

169K Private Jobs Lost

Today an ADP report said we lost another 169K jobs in November. That it is December 2 and we're still seeing this is itself really amazing. But I assure you it's good news because the rate of decline is slower than it was last month when we only lost 195K jobs. On Friday, the official Labor Dept numbers come out. Will be interesting.

Obama hosts a job summit tomorrow to distract from the still awful jobs market over 10 months into his presidency. I guess it takes 5 years at least for people to realize they want to make money and act in their self interest to get a job or start a business. Obviously, the fact that you still have this is due to lousy economic policies since people always have an inherent tendency to want or need to work. The job summit dog and pony show will convey the "we're doing something" mentality. The Romans used the games to distract people, Obama uses a job summit.

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