Saturday, April 4, 2009

Bull Market in Government..............

American workers saw the disappearance of another 663,000 jobs in March, bringing the total since the start of the recession to 5.1 million. The U.S. unemployment rate rose to 8.5%, up from 8.1%, and almost one in 12 adult males is now jobless. The numbers are even drearier when you notice that only the government seems to be hiring these days. Almost every private industry lost jobs last month. Construction (126,000), manufacturing (161,000), and business services (133,000) all contracted and even retail -- which is typically resilient -- shrank by 48,000 jobs. Only education and health care added positions, and both of those are financed in substantial part by government. Even the government dropped 5,000 jobs in March, thanks to state and local cuts, although since February 2008 government has added some 97,000 workers...Link