The Jobs report for July will be released Friday. The economy turned a bit more negative in July. We expect 100,000 jobs, the unemployment rate to remain the same at 8.2% and the black unemployment to increase.
The recent increase in housing starts, decrease in new claims for unemployment compensation are positive signs that Europe’s debt problem is not affecting US growth.
The US economy is facing a triple threat: fallout from the European sovereign debt crisis, the stalemate in Washington surrounding the budget deficit, and consumer and investor uncertainty.
