As you know 10.2 was the unemployment print and the work force shrunk (meaning more people no longer unemployed using the gubmint's definition).The U-6 was 17.5%.
One in ten is "unemployed" and almost two in ten is un or under employed.
I typically try to avoid PHD level economics jargon but holy schnikies.
These are bad numbers but apparently stocks are ok with it to start. Well, back to breakfast (Starbucks at Broadway and 81st).
7 comments:
Just did my pre-interview with CNBC. Scott Wapner is the host and I am scheduled with David Darst.
The odds that I really look like Herman Munster are astronomically high.
The good news is that everyone likes Herman Munster; he wasn't dumb either. LOL You'll be great.
Holy schnikies is right. And thus demonstrates you do not need a PhD in economics to figure things out.
Ritholtz.com has a chart showing hours worked, among those who have jobs. Yikes.
Kinda grim. Which might explain why my neighbor just arrived home at noon to end his day. And might also explain how I know he arrived home at noon.
As for that Herman Munster look, well, you are what you eat. Too many lattes mit schlag at starlucks?
Don't worry, Munster is a good, seasonal look.
BillM
Jobless recovery is in store for the foreseeable future.
Never trust s Keynesian. Keynes went broke trying to invest in the markets, as he simply did not understand the stock market. Japan has tried Keynes approach to get out of their economic malaise for decades to no avail. Japan has racked up tons of debt (200% of GDP) with nothing to show for it.
Keynesian philosophy is just plain wrong. Keynes teachings only continue because they fit in with the socialist agenda. Nothing Keynes taught ever worked. Mish is kind when he calls them Keynesian clowns IMO.
Current political leaders like Keynes's teachings so do not expect jobs to come back anytime soon.
SEG
From Keynes biography:
"Keynes ...was nearly wiped out following the Stock Market Crash of 1929 ...but he soon recouped his fortune. At his death in 1946 Keynes's worth stood just short of £500,000 - equivalent to about £11 million ($16.5 million) in 2009. The sum had been amassed despite lavish support for various good causes and his personal ethics which made him reluctant to sell on a falling market as he knew if too many did that it could deepen a slump."
Doesn't sound like a particularly terrible person.
According to his biography Keynes himself considered his theory of employment and the policies it promoted an emergency measure, necessary when there was no other means to prevent spiraling unemployment from destroying an economy and inflicting pain on a populace: Just as in time of war, a deflationary spiral required maximum public response w/ no equivocation or the liquidity trap closes tight and asset deflation turns into wide-spread economic depression.
Based on his biography however, it appears Keynes was in agreement with the opinion of Hayek, his friend and frequent critic, that his theory could be abused during good times: Convenient to those who like pork-barrel spending and government giveaways but possibly also useful to those seeking greater control over individual lives as well.
The wealthy and powerful are skilled at finding reasons for doing what they have already decided to do; that has never and will never change in the history of the world. Being distracted by the theorists whose work they abuse serves little purpose. JMO
Market loves 10 percent unemployment.
Don't fight the tape, right?
BillM
Randall Forsyth in the WSJ "Up and Down Wall Street" column lays it out well but his lede sentence really says it all: “THE RISING TIDE LIFTS ALL SHIPS, but the galley slaves aren’t feeling it."
Those w/o a WSJ sub can get the gist at http://tinyurl.com/ya7pbn7 (ht Big Picture)
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