"Job losses in August were widespread, but Joe LaVorgna, chief U.S. chief economist at Deutsche Bank noticed concerning trends in temporary employment, as well as factory hours.
LaVorgna noted that while job cuts were spread through different segments of the economy, Temp hiring, a typical leading indicator of permanent hiring, dropped by 7,000 marking the 19th consecutive monthly decline.
For some time now the recovery has been expected to be led by business, as the U.S. consumer struggles with job security, diminished personal wealth and tight credit. Though the rate of job cuts is abating, the unemployment rate is expected to remain elevated through the first half of 2010. This is worrisome for Main Street, Wall Street and Washington as each have a keen interest in seeing Americans going back to work, off government benefits, and fully able to pay bills and consuming again."