Labor/Economy

The Empire State index unexpectedly decreased to negative 10.4 in September from negative 5.9 in August, according to the New York Federal Reserve’s manufacturing survey, which was released on Monday. It’s the lowest reading since November 2010.

QE3 turned out to be a different creature than the preceding quantitative easings. Instead of a concentrated stimulus in the form of bond purchases, the Fed has decided to beat the drum steadily.

The euro-zone, and probably the world economy, dodged another bullet on Wednesday when Germany’s supreme constitutional court ruled that the country could participate in a proposed permanent European bailout fund, formally known as the European Stability Mechanism.

The Bureau of Labor Statistics reported that the Job Openings and Labor Turnover Summary found that U.S. job openings decreased in July to 3.664 million, down slightly from 3.722 million in June.

Consumers deleveraged their credit card accounts somewhat in August, which is perhaps indicating pervasive nervousness about the direction of the economy.

Employment growth nationwide in August was as anemic as the corn crop in the Midwest, with a net addition of only 96,000 jobs, well below the monthly average thus far this year of 139,000 per month, and not enough in the long run (or even mid-term) to keep up with population growth.

As expected, European Central Bank president Mario Draghi said that the ECB was going to start buying short- and medium-term government debt, especially that of Italy and Spain, the weakest large links in the euro zone.