A year ago, remember, we had another three-month run of good job numbers. Last February, March, and April saw net gains of more than 200,000 jobs a month. But that job boomlet abruptly ended.
At the time most observers blamed the stall on external events – the Japanese earthquake, Europe's gathering debt woes, and higher gas prices. In reality, it stalled because of the shallow pockets of American consumers.
Another stall this time might be blamed on any number of external events – slower growth in China and India, the unraveling of Europe's debt-crisis deal, and higher gas prices.
But if another stall occurs, the real reason will be Americans once again...
Read the whole article: EconoMonitor : EconoMonitor » The Precarious Jobs Recovery.