Happy Days Are Here Again

Or maybe they’re not

The labour force contracted by 661,000. This did not show up in the headline jobless rate because so many Americans dropped out of the system. The broad U6 category of unemployment rose to 17.3pc. That is the one that matters.

Wall Street rallied. Bulls hope that weak jobs data will postpone monetary tightening: a silver lining in every catastrophe, or perhaps a further exhibit of market infantilism.

Maybe I hang out with a bunch of curmudgeons, but no one that I talk to thinks our economy has seen the bottom. We’re all terrified about keeping our jobs and homes, and know many folks who have been out of work for many, many months. The stock market’s recovery sure hasn’t been based on our spending.

7 Responses to “Happy Days Are Here Again”

  1. major dad says:

    Remain calm all is well…We’re f*****.

  2. ricki says:

    I keep feeling there’s going to be another big shoe (or maybe several of them) that drop.

  3. Yojimbo says:

    Well, the curmudgeon aspect I can believe.:)

  4. Robin from Central AZ says:

    I hope to hell that our collective spidey sense of doom is wrong in this case – but I’m pretty sure we’re not.

  5. Gunslinger says:

    I’ve no doubt it will get worse.

  6. Greg Newsom says:

    I have an idea.A way to help the US
    turn around.I’ll throw it out there,since it’s mine orginally.
    They create a group of mutual funds-or whatever- that
    invest only in businesses that
    create manufacturing jobs in the US.If one invests in those funds,the money is free from capital gains taxes and
    the money invested is a credit against capital taxes due.

  7. Michael Lonie says:

    The taxes the Administration is putting in place are only just starting to kick in, and we are only in the second quarter of a two-trillion dollar deficit fiscal year. There’s lots more shoes to drop. I expect the stock market to take another tumble.

    If we and Obama are really lucky the Packs will get enough halfway smart Dems to help to manage to kill the idiot things Obama wants to do, like the health care bill and the second stimulus bill. That will save The I Won’s presidency for him, as Pack opposition saved Clinton’s for him. But the Packs have to recover their principles and their cojones to do that, and that may be more than we can hope for.

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