The economy officially sucks, Bush's prediction was all wrong

July job growth slows to 32,000

Although economist were expecting aprroximayely 235k new net jobs only 32K were created. The numbers from May and June have also been revised downwards.

“This is the second month in a row that we have had a number much weaker than expected and they have revised down the trend. That is a really bad sign,” said Robert Brusca, chief economist at FAO Economics.

Brusca dismissed suggestions that the weakness was due to higher oil prices.

“This is much broader than oil. There is a global slowdown going on,” he said, pointing to OECD leading indicators released earlier Friday showed weakness across global industrialized economies.