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09-03-2010, 06:23 PM #1
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Reflections on the "Recovery"
Friday, September 03, 2010
Reflections on the "Recovery"
One year ago the official unemployment rate was 9.7%. Today it is 9.6%.
One year ago U-6 unemployment was 16.8%. Today U-6 is 16.7%
For more details on the jobs report, please see Jobs Decrease by 54,000, Rise by 60,000 Excluding Census; Unemployment Rises Slightly to 9.6%; A Look Beneath the Surface http://globaleconomicanalysis.blogspot. ... 60000.html
For all the trillions of dollars in stimulus and additional trillions of dollars in bank bailouts and trillions of dollars of expansion of the Fed's balance sheet, this is all we have to show for it.
Moreover, the economy is clearly slowing already by many economic reports including new home sales, existing home sales, the regional Fed manufacturing surveys, sentiment measures, and consumer spending trends. The only major discrepancy is ISM.
This week, none of that matters. However, I would like to point out that bear market rallies end, not on bad news, but on good news. It will be interesting to see how much more good news there is, and the market's reaction to it.
Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot. ... overy.htmlJoin our efforts to Secure America's Borders and End Illegal Immigration by Joining ALIPAC's E-Mail Alerts network (CLICK HERE)
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09-03-2010, 06:28 PM #2
Airborne, it doesn't take a rocket scientist to know that we have some very bad years ahead of us. It's just a matter now of HOW bad it will be. Depressing I know but there it is.
...I call on you in the name of Liberty, of patriotism & everything dear to the American character, to come to our aid...
William Barret Travis
Letter From The Alamo Feb 24, 1836
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