Daniel Indiviglio says the unemployment numbers are even worse than they first appear. Buttonwood is also pessimistic:

[It] is a bit hard to see where the recovery is coming from.  American wages are up just 2.7% a year, and it is a lot harder for workers to borrow money to maintain their spending. The boost from lower gasoline prices (seen in the winter) is disappearing and consumers seem to be saving, not spending, their tax breaks.  David Rosenberg of Gluskin Sheff points out that same store sales are down 4.4% year-on-year, a bigger decline than that seen in May. If consumers are not spending, why would business invest? We have seen some kind of a rebound, after inventories were slashed in late 2008, but will it last?

--PA

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