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2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

Non-manfacturing Sector Contracts


Following gloomy unemployment data, the Institute for Supply Management just reported that its index of non-manufacturing businesses fell to 40.8 percent in March, down from 41.6 percent in February. That is the sixth straight month the index has declined.

Of the 18 industries included in the index, only one -- real estate, including rental and leasing -- experienced growth. Wholesale trade showed the biggest contraction. Companies surveyed also said they are still nervous about the economy and rising unemployment rate.

The full report is available here.

-- Ylan Mui

By Ylan Mui  |  April 3, 2009; 11:11 AM ET
Categories:  The Ticker  
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Comments

UNEMPLOYMENT IS SPIN PROOF

All Obama's

photo ops,

dismissive sound bites,

meaningless speeches,

and fawning media coverage.....

pale next to the personal experience of Americans who are either Unemployed, or have family or friends who are unemployed.

This is why Americans are NOT spending...

Posted by: JaxMax | April 3, 2009 1:18 PM | Report abuse

JaxMax:
Obviously you don't understand economics. Without spending you can't have jobs, its a self perpetuating cycle that can only be broken by a rise in consumer confidence. The reason you are in this mess is because of over confidence, paying more for houses than they are worth, with money you don't have. Last I checked, OBAMA had nothing to do with it. It's called good old American Greed.

Posted by: xxx1 | April 3, 2009 1:26 PM | Report abuse

xxx1 - Well, the last time I checked, Obama and the Democratic Congress *could* do something about our outrageous unemployment numbers but have chosen not to. Look, outsourcing is accelerating, the rate has doubled since January. Obama just approved 165,000 new H1-B visas (March 31) and that certainly means that 165,000 American technology sector workers will join the better than 4.5 million American's loosing their job as a direct consequence of this program compatriots in the unemployment line! Microsoft, IBM, Boeing, HP, Dell, Apple, every major hi-tech corporation, has made recent announcements of American worker layoffs and operations moved to India. Congress could easily pass a series of special punitive taxes on these corporate Benedict Arnold's and reverse this nonsense. If you hit their Indian call centers with a $10 fee for every U.S. customer service call those jobs would move back PDQ. If you hit every H1-B visa with a $100,000 annual fee, the proceeds used to offset the damage done by displacing U.S. workers, open those companies up to lawsuits and fines if they do not hire a qualified U.S. citizen for those jobs, and establishing a pool to educate U.S. citizens to do those those jobs, otherwise. In other words, put the lie to Bill Gates and that smarmy ratbag at IBM and make them pay for their treason. Congress could, without impacting their lunatic free trade policies, do exactly what other countries are doing right now and cut unemployment by 50% or more. They wont, they get too much money from those companies, and horrors like that occurring in Binghamton today will become a common occurrence as people's fury boils over. This is, like it or not, Obama's fault.

Posted by: mibrooks27 | April 3, 2009 2:42 PM | Report abuse

This is, like it or not, Obama's fault.

Posted by: mibrooks27 | April 3, 2009 2:42 PM
------------
What an idiotic statement! Now the shoot out and people taking hostages is Obama's fault. Where was your goddamn outrage when the outsourcing was occurring under Bush you moron!

Posted by: hayden1 | April 3, 2009 4:17 PM | Report abuse

It's simple economics: Japan, Germany and China run huge trade surpluses. US corporations outsource jobs and new capital investment to China. The Chinese economy grows. The so-called "jobless recovery" of 2003-2006 really sees lots of jobs created, for Chinese workers. Meanwhile, US Census and Federal Reserve data show the incomes for all Americans flat or declining -- even those with Ph.Ds. Eventually the point comes in Feb. 2007 when American households can no longer finance existing debt with flattening incomes. That is when the subprime crisis began. Now, at the G20 photo-op, Obama failed to press China, Japan, and Germany to stop taking a free ride on the global economy and stimulate their own consumption of imports. The current economic crisis, and high developed-nation unemployment, is caused directly by the fact that the global trade system is unsustainable. The inherent flaw is that you can hollow out the US and OECD middle class, and still keep global trade growing. It doesn't work. See my blog on www.FreeingTibet.com.

Posted by: JohnRobertsFreeingTibet | April 3, 2009 4:27 PM | Report abuse

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