“Jobless Rate Edges to 4-Year Low”
—The New York Times, 12/8
“Labor Market Plods Forward”
—The Wall Street Journal, reporting the same news.
Hate to say it Ricard, but in this case The Journal headline captures the situation better than The NYT.
I don’t know, Sam, given the impact of Hurricane Sandy, I think the takeaway from that jobs report is pretty positive.
This is the key takeaway:
“Economists cautioned that this bit of seeming good news was the result of a shrinking labor force, rather than the addition of jobs.”
This job report was punk, as most of them have been in the last four years. Three trillion dollars on The Fed balance sheet (and going much higher; wait until they start to de-leverage… watch out!!!) and most of the money has served to enrich Wall Street, not Main Street. Savers and retirees have gotten screwed by ZIRP, but Wall Street loves the free money. People still don’t have the jobs they need, and the economists (and the re-appointed head of The Fed) that have been advisers have gotten it all wrong.
Well, you may be right, Sam…but I hope not. We’ll see soon enough, I guess.
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