'To Become Gradually Less Until Little Remains'
dwin·dle (dwndl)
Sounds like the perfect description of where things really stand when it comes to our so-called recovery:
Dwindling resources –
“Consumers in U.S. Relying on Credit as Inflation Erodes Incomes” (Bloomberg)
Consumers in the U.S. are increasingly using credit cards to pay for basic necessities as income gains fail to keep pace with rising food and fuel prices.
The dollar volume of purchases charged grew 10.7 percent in June from a year ago, while the number of transactions rose 6.8 percent, according to First Data Corp.’s SpendTrend report issued this month. The difference probably represents the increasing cost of gasoline, said Silvio Tavares, senior vice president at First Data, the largest credit card processor.
“Consumers, particularly in the lower-income end, are being forced to use their credit cards for everyday spending like gas and food,” said Tavares, who’s based in Atlanta. “That’s because there’s been no other positive catalyst, like an increase in wages, to offset higher prices. It’s a cash-flow problem.” –
dwindling employment –
“Here We Are Again! (Claims)” (The Market Ticker)
In the week ending July 16, the advance figure for seasonally adjusted initial claims was 418,000, an increase of 10,000 from the previous week’s revised figure of 408,000. The 4-week moving average was 421,250, a decrease of 2,750 from the previous week’s revised average of 424,000.
Jobs? What jobs? Up, still over 400,000, adjusted (again.)
Worse, the roll-off from extended programs continues:
Given the continued levitation over 400k on initial claims I do not believe these people are finding jobs – rather, I believe they are simply rolling off the claims rolls.
This is not going end well.
and dwindling prospects –
“Layoffs Deepen Gloom” (Wall Street Journal)
Companies are laying off employees at a level not seen in nearly a year, hobbling the job market and intensifying fears about the pace of the economic recovery.
Cisco Systems Inc., Lockheed Martin Corp. and troubled bookstore chain Borders Group Inc. are among those that have recently announced hefty cuts, while recent government numbers underscore how companies have shifted toward cutting jobs.
The increase in layoffs is a key reason why the U.S. recorded an average of only 21,500 new jobs over the past two months, far below the level needed to bring down unemployment, which now stands at 9.2%.
Read more at Financial Armageddon
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