I think it's interesting that the Dow is not below 10,000 by now. Please reference PPT conspiratorial talk as to the market "holding steady." If this is not below 10,000 during a selloff by the end of the day, this thing is fixed.
The market, in a normal world, would be plummeting. But, I'm onto something else right now. Look at Mish's Global Economic Trend Economic Analysis. He's the one who originally tipped me off to how the Birth/Death model (for companies) is just screwed up. It shows 215,000 jobs were added by more companies. Hah! With Census jobs bringing down real job growth, the birth/death model shows NO JOB GROWTH, but job losses.
Hidden beneath the surface the BLS Black Box - Birth Death Model added 215,000 jobs.
However, as I have pointed out many times before, the Birth/Death numbers cannot be subtracted straight up to get a raw number. It contributed to this month's employment total for sure, but the BLS will not disclose by how much.
In addition to census hiring, temporary help services employment added 31,000 jobs. temporary help services employment has risen by 362,000 since September 2009.
On the whole, this was a very weak jobs report especially with all the hype coming from various administration officials and economic cheerleaders.
Both the birth/death numbers and temporary help jobs are problematic.
The drop in the unemployment rate will all be taken back by August when the census workers are let go.
This is horrible news for the economy because it means Congress needs to do something "stimulus-wise" for job growth. The problem is...they can't. We just don't have the Federal Government to back us anymore.
That said, we may very well be able to print up more money but, in the long run--no--this is not the right direction.
Sorry...I'm a big Obama fan, but we are not going in the right direction.
Robert Michaels
1 comment:
How about if we just print up more money for *me*?
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