Spending on office buildings, which has dropped 47.5 percent since the September 2008 record-spending high, is nearing a 13-year low, according to the Institute for Trend Research. Permits for new-office construction have dropped 26.7 percent just since last December. Office vacancy rates in the second quarter of 2010 increased to 17.4 percent, the 10th consecutive quarterly rise. Construction of office buildings is projected to close 2010 at nearly 32 percent below 2009.

Another month brought more disappointing news on the pace of hiring. Businesses added fewer jobs than expected in July, and previous estimates of private-sector hiring were revised downward, the U.S. Bureau of Labor Statistics reported today.

Even the most self-assured and stoic among us feel the intensity of the times. The economic recovery seems quite elastic at best. Today’s good news can disappear as quickly as it appeared.