Tag: jobs report

Governments Giveth and Taketh Away

Via Brownstone Institute

The jobs report this morning seemed like good news (3.6% unemployment) until you look at the details: “The U.S. labor force shrank by 363,000 people in April from a month earlier, the Labor Department said Friday. The labor force participation rate, or the share of American adults working or looking for a job, ticked down to 62.2% in April from 62.4% in March.”

The devastation of the lockdowns is still with us: a demoralized workforce, women with kids slow to come back due to a childcare shortage, men having scaled back their professional ambitions to live off savings and accumulate debt, plus a general disruption of the liturgy of life that has not fixed itself.

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JOBS REPORTS WILL GET MUCH WORSE

You can count on John Hussman to point out that today’s horrible jobs report is guaranteed to be followed by worse job reports over the coming months. Real time purchasing managers reports lead the BLS reports by two months. As you can see in the chart below, they have plunged over the last couple months. A critical thinking individual may note that the previous two times the purchasing managers surveys were at this level were 2008 and 2001. We just happened to be in recessions, with the stock market in the midst of falling 50%. But don’t you pay attention to these nasty facts. Listen to your Wall Street broker or CNBC bimbette. It’s always the best time to buy, especially when you are about to lose your job.

Via John Hussman

Jobs data: Plunging regional ISM and Fed data imply far larger job shortfalls in coming months versus recent average. pic.twitter.com/2f75s9rFsJ