And Around We Go

   American industrial production is holding steady, and using about the same capacity as in recent months, according to fresh data from the Federal Reserve. Output was unchanged in May after dipping 0.4 percent in April. But small gains in manufacturing and mining were offset by a decrease in output by utilities, the Fed said.
   Meanwhile, industry as a whole is using only 77.6 percent of its capacity, off a tenth of a percentage point in May. That's a tad (two tenths of a point) below a year ago and 2.6 points below its 40-year average.

   Translation and conclusion: Manufacturers are not increasing their output or expanding their ability to produce. Which means the demand for their products is not there. Which means they are not hiring. Which means unemployment is still a problem. And graduation days are upon us, which means the workforce is increasing, and more young people will be looking for jobs. But the jobs aren't there.

   And around we go.