The most recent jobs numbers were issued today and the news was anything but good.

This turn of events apparently surprised a lot of people, but given the sharp increase in layoffs in both the housing and financial sectors, I’m scratching my head as to why anyone should have been surprised.

Short and sweet — the number of Americans with jobs fell in August for the first time in four years.

The Labor Department report showed was a net loss of 4,000 jobs in the month, down from the 68,000 increase in July, which was also revised lower. Economists surveyed by Briefing.com had forecast an increase of 110,000.

I really don’t know where those economists have been hiding out, but they certainly don’t seem to be talking to the same people I talk to.

So yes, this is why the markets took a steep downhill climb this morning.

Of course if you are a die-hard Wall Street type, you will sit back with this latest news, prop your feet up on the desk and let out a big sigh — as you assume that this news will probably force the Fed’s hand to lower interest rates the next time they meet.

Yes, Wall Street is a very weird place.

Of more direct interest to the airline sector, while it does look like the country is continuing to slide more and more into a recession, the price of oil refuses to do what it would normally do in such a situation. Instead of declining, the price this week has continued to increase. As well as the price of jet fuel.

As of this posting, the DJIA is down 165 points, but more importantly, crude is up to 76.50/barrel.