Still hovering near 43 year lows, initial jobless claims printed a better than expected 265k against expectations of 269k. Continuing claims also dropped from 2.218m to 2.179m - also back near 43 year lows. So, the mystery is - why is the ISM's composite manufacturing and services employment index collapsing to 6 year lows?
hhmm?
More money for everyone. That sounds like a great idea.
Much like free healthcare for everyone.
And free college tuition.
And just “free shit” in general.
Unfortunately, “there’s no such thing as a free lunch” is one old adage that generally turns out to be true in almost all cases.
Iain Duncan Smith, the work and pensions secretary has said he is stepping down from his post because of pressure to make cuts to disability benefits. Sounding almost like he cared, IDS said the cuts were a “compromise too far” in a Budget that “benefits higher earning taxpayers” Labour leader Jeremy Corbyn said: “The resignation of Iain Duncan Smith reveals a government in disarray and a chancellor who has lost the credibility to manage the economy in the interests of the majority of our people. “The Budget has exposed George Osborne’s record of profound unfairness and economic failure.
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...