UPDATE : Manufacturing Monday: Jobs, Jobs, Jobs!

(UPDATE NOTE: New economic data released, see below!)

The Democrats are finally going after McCain's jugular. That is, his economic policies. Oh sure, we all know he's Mister War, and that is one of his weak links too. But the economy, in particular the jobs situation, that will help propel Barack Obama into the White House.

The DNC responds to McCain's Jobs First campaign restart.

The Democratic National Committee finally released their response to John Airbus McCain's reboot of his half-ass presidential campaign under a "Jobs First" theme. But slightly off topic for just a brief second, can anyone tell me how the hell this man hasn't even been replaced by Cheney yet with someone else?? Shit, Viagra whore, Bob Dole, ran a better campaign than this! Ok, back on topic.

I can think of 62,000 reasons why John Stossel is wrong!

Why oh why does this man irritate me so? Now don't get me wrong, John Stossel is probably a nice man. But for a man who can garner audiences, he is "dangerous" (well not really, but the guy's on TV and he is on the ra-ra free market Right's side promulgating this crap) with his half ass grasp on our economy. Recently, on Daily Kos's evil twin, he wrote up a piece on how the economy really isn't doing bad. That it was all media hype.

Manufacturing Monday: Steel looks chirpy, while China faces some woes

Some interesting stuff happening in the manufacturing sector. The US Dollar, despite the President's claim today that he wants a strong currency, continues to drop. Rising material costs, be it ore or petroleum, has had some unintended consequences. I noted on Daily Kos last week, that many businesses are starting to take a second look at the US given the rise in transportation costs.

Domestic steel looking not too shabby

Job Losses, Wages Worsened - No End in Sight

Loss of jobs and real wages worsened in May with no end in sight; an ominous sign for financially strapped households.


Today’s BLS jobs report revises down their previous estimate of the number of jobs in March and April (by a total of -15k) and shows another loss of -49k jobs in May. Indeed, local governments kept adding jobs in May while the number of private sector jobs fell by -66k.

Widespread local government budget shortfalls for the fiscal year ahead will soon eliminate this much-needed, tax-payer-dependent source of job growth. 

 Over the past 12 months, the private sector has added only 16k jobs despite the fact that bars and restaurants added 227k and private education and health services added another 577k jobs. That is, excluding bars, restaurants and private education and health care, the private sector in the US has lost roughly 800k jobs over the past year.

Corporate Citizen - An Oxymoron

There is a fundamental problem these days with economic policy - US corporations have run amok. No longer do they act in the national interest or even give a pretense of being good national corporate citizens. It's all about profits, maximizing profits. In fact, we are told that is a corporation's only responsibility. But is that really the case or have we been spun a lie so long and often we believe it to be true without question? How does the United States align it's Corporations to the interests of the nation?

In a recent House Science Subcommittee hearing, American Decline or Renewal? – Globalizing Jobs and Technology, some these fundamental questions of corporate governance were addressed.

Just how ^(*^&)&^_) stupid do they think we are?

Okay so either I am an absolute idiot, or haven't had enough coffee this morning, but for the life of me I can't make any sense of today's retail sales data...especially the part about autos.

We see that "car dealers suffered a 2.8% drop in sales in April, adding to the .5% drop in March".

So what is wrong with that you ask. Well try this...

The boa constrictor economy

If you are wondering why the stock market has been soaring when we have a credit crunch, job layoffs, a housing crisis among other negative factors, you are not alone.

But...maybe there is an explanation. I call it the boa constrictor economy.

Will the Recession be Over by Election Day?

The economy is always a yin and yang, with one thing tending to counterbalance another. In the past I have frequently differentiated one such tension between the "Kudlow economy" for the top 20% (actually more like top 5%) which prospered mightily during the Bush/GOP malAdministration, and the "Bonddad economy" of the bottom 80%, which saw little or nothing of the alleged prosperity.
Until late last year, consumption in the Kudlow economy more than balanced the distress in the Bonddad economy. Then, the balance changed.
I am here to deliver a message which I fear will be as welcome as a skunk at a wedding reception: I believe the balance is about to change again, at least briefly, back in favor of the Kudlow economy. Even if you disagree strongly, I hope you take the time to consider the evidence I amass below.