Several news tidbits stuck with me from last week.
The Department of Labor reported a net loss of 17,000 jobs for the last month, a marked change in the direction of that indicator that has been trending up for the past four years or so. That fact, plus the sub-prime mortgage and housing market crisis, indicates the U. S. economy is really slowing.
The U. S. and most foreign stock markets reflect the same reality. Tough news for low-income families who likely will be joined nearer the bottom of our economy by a crowd of previously middle-income families.
In the past month I've had several conversations with people who have either lost their homes or fear they may. I fear we will begin to see even more growth in the numbers of Americans who fall into poverty.
ExxonMobil reported historic, all-time record earnings for an American corporation in the last quarter. The data point that sticks with me: the company earned $1,300 per second in the reporting period.
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