US economy, housing market
America's so-called first world superpower economy was only able to create in December a measly 12,000 jobs in goods producing industries, of which 77% are accounted for by wood products and fabricated metal products--the furniture and roofing metal of the housing boom that has now come to an end. (Emphasis added) US employment declined in machinery, electronic instruments, and motor vehicles and parts.
2,600 jobs were created in computer systems design and related services, depressing news for the several hundred thousand unemployed American computer and software engineers.
When manufacturing leaves a country, engineering, R&D, and innovation rapidly follow. Now that outsourcing has killed employment opportunities for US citizens and even General Motors and Ford are failing, US economic growth depends on how much longer the rest of the world will absorb our debt and finance our consumption.Will the US Need an IMF Bail Out?
Paul Craig Robert
Counterpunch
January 10, 2006
posted by Tom Nadeau at 10:19 PM
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