It's Double Dip Time again

Negative Nancy's and Debbie Downers, have we got the website for you -- thecomingdepression.net

This Canadian website is all about the collapse of the world economies and armageddon ensues. Good website for a laugh.

However, in mainstream legitimate news today, the Fed has gone decidedly Negative Nancy, with the annoucement that the economy is slowing and it could be "Double Dip time" once again.

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The economy grew at a sluggish pace through the summer months, and there are now "widespread signs" that activity is slowing, the Federal Reserve said Wednesday in its latest snapshot of regional economic conditions.

This is a little crazy - The nation's GDP was revised sharply lower to an annual growth rate of 1.6% in the three months ending in June. The initial reading had been for a 2.4% growth rate in the period.

Despite persistently high unemployment, the Fed said consumer spending appeared to increase in most districts. Manufacturing activity expanded in general, although at a slower pace in some areas.

The Fed said home sales, which were weak in the July edition, slowed further after a popular home buyer tax credit expired in June. Commercial real estate was also weak, with vacancy rates high and rents falling in most districts.

Meanwhile, the job market remained depressed in most regions.

In two districts, Philadelphia and Atlanta, hiring of permanent employees was held down by employers' continued reliance on temporary workers. But some employers in the Boston area converted temporary employers into full-time employees.

While a few districts reported mismatches between the skills certain workers have and the jobs they were applying for, the general trend was that qualified applicants outnumbered the job openings available.