Labor

While the BLS' JOLTs report usually gets a B-grade in terms of importance due to its one-month delayed look back (we just got the  January report which is one month behind the most recent payrolls number) it serves an important function due to its breakdown of various labor components such a job openings, new hires, separations, quits and terminations, all of which make up Janet Yellen's "labor dashboard." In fact, according to Yellen herself, the JOLTs data is as important, if not more so, than the BLS report.

Be careful what you wish for - awesomely low unemployment (which is in no way misleadingly manipulated by a collapsing workforce) and surging inflation appear no longer as important as Brazilian exchange rates, Chinese equity volatility, or Japanese bank stock prices... unless of course all that "good" US data is just propaganda bullshit? We are sure at least one member of the press will ask the tough questions... though the last time someone dared to cross the line into actual reporting, they were blackballed...

Iain Duncan Smith says he is proud of his governments record on disability benefits,. Yes, he had the gall to say that despite his government making cuts to two key support streams that were meant for disabled people. The Independent reports: The Government last week voted to take £30 a week from disabled people claiming Employment Support Allowance in the so-called “work-related activity group”. It is now proceeding with cuts to the Personal Independence Payment which will see payments reduced for people who need adapted equipment to live independent lives.

David Cameron’s mother has lost her job as austerity measures imposed by the conservative government have forced a local authority to close the children’s center she worked at. The Berkshire children’s centre where the Prime Ministers’s 81-year-old mum volunteers is being shut down at the end of the month. Mary Cameron said she was “very sad” that the centre is closing. RT reports: “I am very sad that it is being closed down but if there’s not enough money to pay for it things have to go. I don’t really know what can be done really as I’ve just heard about it.

Submitted by Lance Roberts via RealInvestmentAdvice.com,

The Fed’s Got A Problem

The most recent employment report sent the financial market pundits abuzz claiming that the economy was on solid footing with no recession in sight. The problem, for anyone willing to actually look at the data, was the underlying data was mostly disappointing.