Even before I start hitting the job sites in the morning, I read a number of newspapers first.
So today, on my third day without a job, the New York Times has an article which tells me that the economy “grew at its fastest pace in six years” last month.”
Specifically . . .
The economy grew 5.7 percent in the fourth quarter, the second straight quarter of growth and fastest pace since 2003.
(That’s based on gross domestic product and takes some economic explanations)
Then we hit the ninth paragraph:
The biggest challenge going forward is the job market.
On net, the economy lost 208,000 nonfarm payroll jobs last quarter, and the unemployment rate rose to 10 percent. As long as the labor market remains weak, consumers — whose purchases make up the bulk of economic output each quarter — will be reluctant to spend money. That means businesses will need to look for other sources of demand, like exports.
I can tell you right now that the job outlook is no better – and probably worse – than it was six months ago. The only thing we have going for us up here on the edge of the Adirondacks is that the tourism industries and outdoor construction will be cranking up again in March and April. Those jobs will last through October,. then folks will be out of work again.
More on that next time.