It's not getting much better

Pam Martens does not agree with the Fed that “economic activity has been expanding at a solid pace” with “strong job gains.” She points out that the following companies have recently announced significant job cuts:  American Express (4,000), Schlumberger (9,000), IBM (at least 2,000), Baker Hughes (7,000), and Coca Cola (1,600 to 1,800). The retail industry is in particularly bad shape. The following have declared bankruptcy: Radio Shack, Wet Seal, C. Wonder, Body Central, Deb Shops, Delia's, Cache. The following have closed many of their stores: Kate Spade, Jones New York, Target Canada, Sears.

Could these announcements be a function of poor demand and low wages?