Globally Synchronized Weakness

On today's show we are talking about a globally synchronized economic slowdown.

Canada reported its employment numbers late last week and the Canadian unemployment rate rose to 6.6%, the highest level in 7 years. We reported last week that the

We got the latest employment report for the US on Friday. The BLS reported numbers for the month of August. But at the same time that they reported August, they revised the numbers for June and July.

The change in total nonfarm payroll employment for June was revised down by 61,000, from +179,000 to +118,000, and the change for July was revised down by 25,000, from +114,000 to +89,000. With these revisions, employment in June and July combined is 86,000 lower than previously reported.

The bureau also reported that the unemployment rate fell to 4.2% in August from 4.3% in July. This reversal in the unemployment rate could affect the size of interest rate cut that is expected to be announced on September 18 when the Federal Open Market Committee meet on the 17th and 18th of this month.

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