The National Federation of Independent Business survey of small business owners, due out later today, will show another disappointing month in hiring. “Reported job creation remained weak in August with the seasonally adjusted average employment change per firm posting a decline of -0.02 workers per firm,” says NFIB Chief Economist William Dunkelberg. “Job openings reached record levels, but plans to create jobs faded a bit. This suggests not much growth in overall demand, but continued difficulty in finding workers with specific skills, especially in the construction industry.”
Mr. Dunkelberg adds, “Fifteen percent of owners cited the difficulty of finding qualifed workers as their Single Most Important Business Problem. This issue ranks third out of nine major issues listed behind taxes and the cost of regulation and red tape.”
Hedge-fund titan Paul Singer tells me these are exactly the issues government should address, rather than engaging in monetary extremism. Central banks around the world have lately been rewriting a financial rule in place since 3,000 B.C. The result is a 5,000-year government debt bubble.
The great news from Tuesday’s election primary results is that candidates running against trade and immigration were the losers in both parties.
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