Retailers and construction companies just weren't hiring last month. Retailers did less hiring this holiday season.
You haven't heard one story in the last ten months, 12 months, of any company saying, hey, we have intentions of hiring. We're going to be hiring. No company has said that.
Every piece of economic data we have received over the last six weeks is showing signs of higher inflation that threatens to erode economic growth. The after-shocks of the hurricanes may be longer and deeper than many now believe.
August isn't exactly a barnburner for job creation. It didn't appear as if corporate America flicked on the hiring switch last month. I think there were a lot of problems plaguing big business. So I don't think we're going to get a big jobs number.
This is Greenspan?s last hurrah. The swan song for the big guy.