Labor

One of the more important companies reporting today was commodity king Freeport McMoRan which in 2016 has seen its stock plunge then surge on hopes the Chinese bubble reflation will push commodities higher. So far it has worked, but far more important was what FCX' own assessment of the future was: was it preparing for a strong rebound, or instead, was it slashing costs and firing employees in another confirmation that the recent rally has been, as Bank of America's "smart money" clients admit for 13 consecutive weeks, nothing but fumes.

Submitted by Lance Roberts via RealInvestmentAdvice.com,

Since the end of the financial crisis, economists, analysts, and the Federal Reserve have continued to point to the monthly employment reports as proof of the ongoing economic recovery. Even the White House has jumped on the bandwagon as the President has proudly latched onto the headlines of the “longest stretch of employment gains since the 1990’s.”

Submitted by Jeffrey Snider via Alhambra Investment Partners,

As we've known for quite some time now, Illinois is completely insolvent, and in large part due to enormous pension liabilities which as of December were underfunded to the tune of $111 billion. Not only is the state insolvent, its millionaires can't get out fast enough to avoid the massive tax hikes that will be coming in what is sure to be a failed effort to plug budget holes, as well as the soaring criminality in cities such as Chicago which recently just passed the historic milestone of 1,000 gunshot victims in the fastest time in decades.

Submitted by Charles Hugh-Smith of OfTwoMinds blog,

If nobody will hire you, start your own enterprise to fill scarcities and create value in your community.

Workers of all ages are caught in a vice. Older workers need to keep working longer in an economy which values younger workers (and their cheaper healthcare premiums). Younger workers are caught in the vice of "you don't have enough experience" and "how do I get experience if nobody will hire me?"