As a recently unemployed person, today’s news is not the greatest in the world. According to the Bureau of Labor Statistics, job grown slowed down significantly in 2014. The Boston Globe has the story:
Hiring was surprisingly weak in January for a second straight month, likely renewing concern that the US economy might be slowing after a strong finish last year.
Employers added 113,000 jobs, the government said Friday, far fewer than the average monthly gain of 194,000 last year. Job gains have averaged just 154,000 the past three months, down from 201,000 in the preceding three.
The sluggish job growth may reflect what investors and economists have begun to fear: That the US job market is weakening again, along with sectors like manufacturing and retail sales in the United States and abroad. The weakness might also raise doubts about the Federal Reserve’s plans to steadily reduce its economic stimulus this year.
After opening up on an almost 1% increase for the day, the DOW began dropping as the jobs report was released and has almost lost all gains for the day as of 10:30 this morning. The fundamentals of the economy are not strong, despite what the experts think. This is not unexpected, at least not to this author. The economy is a house of cards, and is perilously close to crashing.