The economy can’t recover until housing recovers, and neither can recover until the labor market recovers.
From Credit Suisse compliments of ZeroHedge.com:
[This measure of labor demand suggests businesses have become a lot less willing to hire in the last two months. Jobless claims in recent months are not showing a deteriorating picture for the layoff side of payrolls, but help wanted online ads are showing weakness on the hiring side.
Biggest two-month drop since the recession three years ago. Help wanted online ads posted a second straight triple-digit decline in Aug after Jul’s big drop. Importantly, new ads accounted for...