Hi All,
Had to comment on JOBS after refraining from doing so for months. The financial media has made the JOBS reports the main focal point for as long as I can remember in this cycle. They’ve created a Pavlovian scenario in which the jobs numbers come out and that is the juice the markets need to keep rallying. Today’s tortured number came in at 151K and was deemed a disappointment. Most new jobs were, as usual, of the lower paying variety. Nothing special here right so why comment? Well…
I’m looking at it this way. If this is the best they can do on one of the final reports before the election, then things are likely far worse. The propagandists in this government are charged with putting the best face on everything until the election plays out. The administration, like all administrations, is motivated to spin always but certainly the most lethal spin is saved for key junctures such as this one. If this is the best they can do NOW, tread lightly friends…
Wayne
