Oct. 24. Bloomberg News says companies are planning less hiring than any time since early 2010. “29 percent of companies said they would increase hiring, down from 43 percent in July, while 59 percent reported they plan no change in staff, a 10-point jump. Twelve percent projected a decline in payrolls, up from 8 percent in the previous NABE survey”
The President’s job creation plan has hit a brick wall in Congress both in its full version and the “rehire teachers and cops” mini-plan. By the end of the year most of the Federal stimulus for companies to hire will expire. And of course the Supercommittee is slated to come up with a trillion in budget cuts next month.
But stocks are up. Wall Street thinks Europe can get through its debt crisis (that is it thinks it can get the Greek government to strangle Greek wages and benefits and do the same in Spain, Portugal, Italy, etc.)