Economy "In Limbo" In Run-up To Obama's Jobs Speech

President Obama's jobs speech Thursday night will come in the wake of a Federal Reserve report showing "weakening activity" in the American economy. The Biege Book, containing data collected before August 27th, noted a boost of activity in the auto sector but a "modest pace" for overall economic growth.

The economy is on a "rollercoaster ride", according to Forbes, as the price of gold spiked, dipped and rebounded in the past few weeks. Consumer spending is up as is the demand for service, but "the latest jobs report showed an economy adding no jobs in August." The economy has stalled.

Expect Obama to deliver a strong speech on Thursday supporting more federal stimulus to boost job creation and infrastructure contracts. The President is likely to issue a new $300 million jobs plan to help ease the minds of the American people and get the economy rolling. The framework is there, the economy is growing albeit at a "snails pace." What is needed is a structured jobs plan not reliant solely on slight economic boosts from the auto industry.