Wall Street is using the addition of 165,000 burger flipping, drink order taking, floor sweeping jobs to rally to new all-time highs. It’s the reason of the day, when anyone with two brain cells knows that the market would have soared if the number was 50,000. With Ben Bernanke pumping $85 billion of heroin into the veins of Wall Street on a monthly basis, the big swinging dicks will keep swinging. Their HFT supercomputers are programmed to buy. It will work until it doesn’t.
But in the real world, the number of working age Americans increased by 180,000, so today’s number doesn’t even keep up with population growth. A BLS drone with an excel spreadsheet model created 193,000 jobs out of thin air. The BLS is guessing that is how many jobs were added by small businesses in April. With increasing taxes, lower consumer spending, looming Obamacare taxes and regulations, do you really think small businesses are adding employees in great numbers? Really?
In the real world the percentage of people in the labor force is at a 34 year low. Sounds like a reason for a stock market rally. There are 1.6 million more Americans employed today than one year ago – of course most of the jobs are as temps or in low paying service jobs. Over this same time frame the working age population grew by 2.4 million. Surely this means the unemployment rate went up. It’s just basic math. But NO. The unemployment rate has plunged from 8.1% to 7.5%.
You gotta love government drone economists that do the bidding of their masters. All you have to do is pretend that 1.6 million Americans willingly left the labor force and do not want a job anymore. Why would they want a job in the midst of the worst economic environment since the Great Depression? Racking up $50,000 of student loan debt going to the University of Phoenix or developing a back ache to get on SSDI for life is much easier than working at a job.
The American Dream – because you’d have to be asleep to believe it.