ROMANS: "Minding Your Business" this morning. The big jobs report out in just a few minutes about 5 1/2 minutes. Economists forecast the unemployment rate was unchanged at 9.1 percent, and they expect 75,000 jobs were added to the economy in August. But, quite frankly, markets worldwide are bracing for disappointment here. The White House forecasting sluggish economic growth next year and slower recovery than first thought. In its latest budget office report, the White House says unemployment will remain high not coming down to pre-recession levels until at least 2017. That White House report helped push U.S. markets lower yesterday. The Dow, S&P; 500, and NASDAQ all down about one percent each. And this morning, stock futures are down, too. We're waiting for that big jobs report and worried that it will show that the most powerful middle class in the world doesn't have enough jobs yet. The U.S. government reportedly set to sue at least a dozen of the nation's largest banks. According to "The New York Times," the agency that oversees Fannie Mae and Freddie Mac is looking to recoup billions of dollars lost after the height of the housing bubble. Bank of America, Goldman Sachs, JPMorgan, and Deutsche Bank. Some of the banks in the suits, that's according to "The New York Times." Goldman Sachs and JPMorgan have declined our request for a comment. The other banks have not responded to our calls, so far. August sales for new cars and light trucks rose 7.5 percent last month. That's according to research by Auto Data Corps. Most importantly, Chrysler and General Motors said their sales were up for individual who's buying vehicles as opposed to fleet sales. That's a good sign, perhaps, for consumer demand in the broader economy. AMERICAN MORNING will be right back right after this break with that jobs report.
White House Forecasts Sluggish Economic Recovery