Blog: Conventions, speeches, job reports—Where's the demand?

09/10/2012

Now that both the Republicans and Democrats have finished their respective national conventions, it's fair to say the race is truly on. Depending on where you live and what channels you watch on TV, it may seem like the race has already gone on for an eternity. And all the while, the economy seems to be stuck in second gear.

Friday, following the Democratic convention's finale on Thursday night, the latest jobs numbers were released, showing modest, but disappointing overall job growth (96,000 jobs created in August). While the U.S. continues to add jobs, and has done so for a while now, they're not coming as fast as anyone would like and the ongoing recovery remains weak.

Naturally the numbers will provoke analysis and spin. But what seems to be the inescapable truth is that consumer demand remains weak. And while demand is weak, there isn't going to be a lot of hiring....
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