Continuing Jobless Claims plunged to 1.962mm last week - the lowest since April 2000
(right before the Nasdaq started to collapse and the US fell into recession).
While ISM surveys show employment tumbling (and ADP was weak)...
initial jobless claims for the last week also collapsed back near its lowest levels since 1973.
"Full employment?"
Authored by Yves Manou via The Gatestone Institute,
Authored by Charles Hugh-Smith via OfTwoMinds blog,
No wonder the "middle class" has lost political power - it has lost the economic power of the ownership of productive assets.
Longtime correspondent Mark G. observed that the key phrase in yesterday's excellent commentary by correspondent Ron G. is property-owning middle class. Mark wrote: "It appears to me that the income bracket method used today isn't very informative."
Authored by Vijeta Uniyal via The Gatestone Institute,
Authored by Charles Hugh-Smith via OfTwoMinds blog,
You may have seen these charts before, but they tell the story of a middle class in decline.
For any system to endure, it must maintain a built-in capacity to self-correct: that is, it must generate accurate informational feedback about dangerous asymmetries and auto-correct with behavioral feedback.