Sorry folks, but we have to tell it like it is.
Some would have you believe that the jobs picture in today’s USA is like that which we’ve never seen. And here’s the chart to prove it:
click to enlarge…
Absolutely amazing! 4.8 million jobs in a month!! You do know the circumstances, and the incentives, under which those numbers occurred, right?
The thing about the above graph is that it tracks the monthly change. I.e., it resets each month to zero.
Here, alas, is reality (the actual jobs numbers):
Here’s Quill Intelligence’s CEO — she was with the Fed for 9 years, by the way — digging into the numbers this morning (i.e., June, in terms of continuing unemployment claims, was actually worse than May)… Note her comment regarding the reaction in the stock market vs bonds*:
“Doubting BS from the BLS – stocks believed data, bonds laughed.
ALL CONTINUING CLAIMS INCLUDING CARES Act PUA
Absolute number of Americans COLLECTING unemployment insurance:
Week ended June 6: 30,574,905
Week ended June 13 (NFP SURVEY WEEK): RECORD HIGH 31,491,627
*By the way, gold ain’t buying it either this morning…