The Economic Numbers Today

I see political bloggers aren't letting critical thinking get in the way of following the party line. Today's numbers are getting spinned by both sides, and the Stepford Voters will believe whatever their told to believe by their respective leaders.

Friday's numbers should be more interesting. Even then, we have been getting the Payroll report from the large companies showing us that the whole nation is standing in soup lines and living in cardboard boxes, and the Household survey which shows steady job growth.

I've been giving more weight to the latter number only because the unemployment figures have been coming down. So that makes me skeptical that folks aren't able to find work.

I think we're seeing a transformation in this country away from traditional employment. Maybe that's what the disparity between the two numbers is telling us.

Anecdotally, I know in the tech industry that we're getting away from hiring employees, and now hiring small businesses or independent workers (contractors) to perform a particular service. When that service is complete, we let them go or extend the contract for more services.

The retail numbers are down, but of course that tends to happen when energy prices rise. Rising energy prices act like a tax on consumers, and money that normally gets spent at the store, movie theater, or wherever, gets spent on the home bills and at the fuel station.