Why the Big Lie About the Job Crisis?
By Les Leopold
The Bureau of Labor Statistics official unemployment rate is 9.6%. It's borader and more telling jobless rate (U6) of 16.7% confirms that we're stuck in our own version of the Great Depression. We'll need more than 22 million new jobs to bring us back to full-employment. Happy Labor Day. Continue
Heavy in dollars, China warns of depreciation: China on Friday offered a rare glimpse into its foreign exchange reserves, confirming that they are overwhelmingly allocated in dollars, while a central banker said the mountain of cash could face depreciation risks.
Mortgage rates hit decades-low of 4.32 percent: Mortgage rates fell to the lowest level in decades for the tenth time in 11 weeks, as investors worried about the economy.
Jobless rate rises: For the first time this year, the manufacturing sector lost jobs -- down a net total of 27,000 for the month. The auto industry accounted for 22,000 of those lost jobs, the department said. But those losses were largely due to a shift in the timing of the industry's summer shutdowns.
Miami-Dade personal bankruptcies rise 74%: In the three-county area, personal bankruptcy filings were up 59 percent, to 3,387 from 2,127 in August 2009, and up 6 percent from July. Business bankruptcy filings rose 7 percent
Blockbuster misses another interest payment: Video rental giant Blockbuster Inc. has missed a payment to junior bondholders, making it the second time in three months the company has failed to meet a debt obligation.
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