AUGUST JOBS DOWN, UNEMPLOYMENT UP TO 6.1%

More job losses through the summer as the economy sags. With the high level of inventory of unsold homes, this is not a dire situation. This will keep interest rates low as we continue to work through the housing inventory and move into recovery. Once inventory levels come further down and we see supply and demand in better balance, then building will pick up. When building picks up we will see more jobs. The answer right now is more buyers for homes, lower inventory, build more and create jobs.

Jobless Rate Zooms to 6.1%, Hits Five-Year High
By AP 05 Sep 2008 08:50 AM ET
The nation's unemployment rate zoomed to a five-year high of 6.1 percent in August as employers slashed 84,000 jobs, dramatic proof of the mounting damage a deeply troubled economy is inflicting on workers and businesses alike.
The Labor Department's report, released Friday, showed the increasing toll the housing, credit and financial crises are taking on the economy.
The report was sure to rattle Wall Street again. All the major stock indexes tumbled into bear territory Thursday as investors lost hope of a late-year recovery. With the employment situation deteriorating, there's growing worry that consumers will recoil, throwing the economy into a tailspin later this year or early next year.
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