One of Brian’s Favorite Quotes
Order derived through submission and maintained by terror is not much of a safe guaranty; yet that is the only order that governments have ever maintained. True social harmony grows naturally out of solidarity of interests. In a society where those who always work never have anything, while those who never work enjoy everything, solidarity of interests is non-existent; hence social harmony is but a myth…. Thus the entire arsenal of governments–laws, police, soldiers, the courts, legislatures, prisons–is strenuously engaged in harmonizing the most antagonistic elements in society.”
— Emma Goldman
Recent talk about the economy (especially from within the administration) has
So it is interesting that today’s preliminary numbers are nothing to shout about. First, as Michelle Jamrisko and Lorraine Woellert of Bloomberg report:
Jobless claims rose by 4,000 to 302,000 in the week ended Aug. 30, a Labor Department report showed today in Washington. The median forecast of 49 economists surveyed by Bloomberg called for 300,000.
The total number of people on benefit rolls fell to the lowest level in more than seven years.
And, then, as Reuters reports:
U.S. companies hired 204,000 workers in August, below what analysts had projected as well as the level set in July, a report by a payrolls processor released on Thursday showed. Economists surveyed by Reuters had forecast that the ADPNational Employment Report would show 220,000 jobs added in the month.
Tomorrow’s report may clarify things. But … maybe not.
Whatever the number, expect it to be extravagantly spun.