Color me surprised.
Market Roundup
After several weeks of deteriorating or weakening data, and a relatively tepid ADP employment report, the Labor Department weighed in with a true jobs surprise this morning. It showed …
The U.S. economy created 271,000 jobs in October, far greater than the 185,000 average gain expected by economists. That was also up from a downwardly revised reading of 137,000 in September.
By industry, professional and business services added 78,000 jobs, health care added 45,000, and retail added 44,000. Government employment rose an anemic 3,000, manufacturing and trade showed little change, and mining lost another 5,000 jobs.
The unemployment rate slipped to 5% from 5.1%, leaving it at its lowest since April 2008. The average workweek held at 34.5 hours. But average hourly earnings rose 0.4%, up from no change a month earlier and double the gains expected.
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| Back at work: The U.S. jobless rate fell to 5% in October, showing surprising strength. |
It isn’t a Wednesday, but the “Bloody Wednesday” response in several asset classes was swift and severe. Short-term rates surged, while bond yields rose several basis points. Gold plunged by as much as $20 an ounce. The euro immediately lost more than a cent and a half against the dollar, and volatility spiked.
So what happens next? Well, this news puts a Federal Reserve rate hike firmly in play at the December meeting. That means we could be in store for one (and potentially several more) tumultuous trading days as investors come to grips with the fact the Fed is no longer in their back pocket.
Next, this news could put even more upward pressure on the dollar. That, in turn, could exacerbate the turmoil we’ve seen in energy, commodity and emerging market investments.
| “A stronger dollar and/or the start of a Fed tightening cycle won’t do them any favors.” |
As I mentioned above, the jobs report showed that those industries are the ones that are already lagging badly in terms of job gains (and losses). A stronger dollar and/or the start of a Fed tightening cycle won’t do them any favors.
Lastly, my investing strategy overall remains the same, regardless of today’s numbers: Invest prudently in select, highly rated stocks in strong sectors … balance that out with higher-than-normal cash levels … and be prepared to deal with more market turmoil down the road.
Now it’s your turn. Does a strong jobs reading “fit” with what else we’ve been hearing? Does it change your view on the economy, or does it seem to be coming out of left field? What do you think this reading means for stocks, bonds, commodities, and currencies going forward? Weigh in at the Money and Markets website when you get a chance.
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Should investors sink their teeth into the FANG stocks … or stay away so they don’t get bitten? That was a major issue being debated online.
Reader Craig B. said: “Americans love winners, so owning one of these Internet stocks is seen as smart investing and not buying in as either dumb money or losing out. Nobody seems to talk about the potential downside risk, nosebleed valuations, or the fact any one of them could suddenly correct sharply when earnings disappoint or sentiment turns negative. Paper profits are held hostage to the crowd.”
Reader Richard also took a skeptical view, saying: “Amazon.com at 929 times earnings is a share price that gives us all a stark reminder of the dot com bubble. At these levels there is only one way for this overpriced warehouse trader to go.
“All it will take is the next correction and this will be a better short than all the banks and indices put together. A 50% correction of this stock would still be overpriced.”
Reader GKA joined in with the following post: “Excellent encapsulation of what really, really, REALLY is beginning to smell like ‘pre-dot-com bust fever’ affecting these names and some others as well.
“Yes, true, good ol’ irrational exuberance can propel a darling stock far beyond the parameters of reality. But any kind of real change in interest rate direction or other unforeseen exogenous event can derail it just as surely as history has already shown. You wanna step in at these levels? Be my guest.”
But at least one commentator said he smells opportunity. Reader Tom wrote: “Funny thing, Mike. Jim Cramer (Mad Money) coined the acronym FANG a few months ago. Interesting that you’re picking up on it now. Anyway, I’m glad that you’re finally opening your eyes to the rich opportunities that exist in the market for growth and profits. Welcome!”
Thanks for weighing in. Chasing stocks that trade for more than 900 times earnings isn’t really up my alley. I’ll leave that to others who prefer that kind of trading.
Me, I like safer, more stable stocks that deliver steady gains over time. And a few of my current Safe Money Report picks have actually hit all-time or multi-month highs in recent days … with a lot less volatility than we’ve seen in FANG names.
Anything else you want to add to this discussion? Then don’t hesitate. Use this link to get your comments out there for everyone to see.
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The New York Attorney General launched an investigation of Exxon Mobil (XOM), one focused on whether the oil giant misled investors and the public about its contributions to climate change. Other domestic and foreign oil companies could get dragged into the environmental and legal battle, though it’s far from a given that any lawsuit would be successful.
It’s been one heck of a year for tropical cyclones, according to meteorological officials. A measure of worldwide cyclone, typhoon, and hurricane activity used by weather aficionados shows this to be the second-most active year in history behind 1992. Most of the intense storms and overall activity has been in the Pacific Ocean, however.
* Mergers continue to grab headlines in the biotechnology industry, despite recent struggles tied to drug pricing. AstraZeneca (AZN) announced it would buy ZS Pharma (ZSPH) for $2.7 billion, adding the California-based company’s ZS-9 medicine to treat a condition that can cause kidney disease and heart failure. The compound is undergoing FDA review right now.
Officials in the U.K., U.S., Egypt, and Russia haven’t reached agreement yet on what downed the flight that claimed 224 lives several days ago. Another concern is security, and how to get thousands of tourists out of the Sharm El Sheikh resort area. U.K. and Egyptian officials are trying to coordinate flights to and from the region to allow British visitors to get home.
What do you think of the upturn in tropical storms? The ongoing fighting over what downed the Russian flight? Or the environmental movement targeting Big Oil in New York? Let me know over at the website. Also feel free to also comment on other stories I may have missed.
Until next time,
Mike Larson
Mike Larson graduated from Boston University with a B.S. degree in Journalism and a B.A. degree in English in 1998, and went to work for Bankrate.com. There, he learned the mortgage and interest rates markets inside and out. Mike then joined Weiss Research in 2001. He is the editor of Safe Money Report. He is often quoted by the Washington Post, Reuters, Dow Jones Newswires, Orlando Sentinel, Palm Beach Post and Sun-Sentinel, and he has appeared on CNN, Bloomberg Television and CNBC.
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The U.S. economy created 271,000 jobs in October, far greater than the 185,000 average gain expected by economists. That was also up from a downwardly revised reading of 137,000 in September…. what will the October downward revised reading be next month….way to often the numbers move down from the original number….so who is fool who….
Five weeks in October and new low paying temps for Thanksgiving and Christmas sales… This happens every year…!
As Dent Research pointed out “a majority (58%) of October’s private-sector hires (268,000) fell under the median wage. The trend of hiring workers below the measured median wage shows continued demand in the labor market for low-wage work.
Nowhere is this trend more evident than in the lowest paying industries. Nearly 60% of all job additions fell in the lowest third on the wage scale. The lowest paying wage bucket, made up of food services, gas stations and retail, gained over 25% of all job additions in October.
It’s a positive development to see wage gains in the lowest-paying sectors. But we can’t just rely on increased employment in these industries to spur consumer borrowing and spending to drive the economy out of this long-running recovery. These jobs still don’t pay enough.”
Was there any indication as to how many of these jobs were seasonal? companies ramping up for the Christmas season only to let them go in late December
For more than a year, Mike Larson has hyped-up an interest-rate “bloodbath” being the attempted ‘headline grabber’ he is. For a dozen months (in succession) that’s been a bad call. Keep on saying “next month” Mike and eventually you may get 1 of these calls right..Could be a lonngggg wait..Even if there was a small-rise next month, your % success-rate will be less than 10%. So far it sits at zero % like your hyped-up calls to buy oil/energy stocks 14 months ago. Try reporting the facts & don’t lamely accept the Fed’s tips. If you continue to sing from their hymn-sheet you’re a lamb headed for the dinner table & will most likely lose your poor-sucker followers a lot more of their hard earned money. I continue to hold you to account. Some people never learn
Interest rates will return to market driven rates AFTER the economic reset/depression and (possible) replacement of the existing form of government with an system of elected offices without “lifers”…!
Interest will absolutely remain at or near zero… It’s inevitable because the governments of the world cannot afford higher interest rates if they want to continue to borrow and spend…!
The latest jobs report is nothing – we should be seeing 500,000+ new jobs every month at least. And it should have began years ago for a healthy recovery. All the Keyansian money printing is a complete flop and in fact has caused great damage such as inflated asset bubbles and income inequality. No cheering here.
I think anyone that believes this malarkey is a total fool- the 5 percent number for one is so full of crap it’s not even funny
I don’t believe anything the government tells me. They have proven over and over again that they are pathological liars. Jim
It doesn’t matter which party is in power, they are all politicians – which is to say they are all liars when it suits their purpose.
Mike,
One of your earlier mails today was entitled “2008 meltdown just ahead?” Let me make something clear to you…. In the last 100 years there have been two financial market meltdowns (1929 and 2007) and BOTH happened on the Watch of Republican Administrations and Republican Majority Congresses…..
The above are pretty interesting odds. That said, I don’t remember you sending out a similar mail in the Fall of 2007 warning your readers of that impending disaster, so appreciate it if I don’t get to concerned about this prediction, aye?
Eagle Man, I suspect you are a pretty decent fellow so I will stick to facts as well a nod leave out the personal stuff. Liberalism is through in America. You are a dying breed. Since 2010 the Liberals have been thrashed in every election, save one. Conservatives control two thirds of the governorships and. State legislatures. Every Liberal candidate and initiative was pistol whipped Tuesday night. Sixty eight per cent of Americans say the country is going in the wrong direction. The last stand for Liberals is in California, Illinois, New York, and Washington D.C. All four places are morally and financially bankrupt. Your man has run up $10 trillion in debt and just signed a budget that guarantees another trillion in new debt. The Radicals in your party just stupidly blocked Kate’s Law and the Keystone Pipeline, which will certainly cost them the next election. They are completely out of touch with the rest of the country . It’s no longer about where we have been but where we are going. Jim
Well said!
Right on Jim…!
Wish you were right,Jim,but I believe you are wrong.Democrats have the advantage,since they are importing a lot of govt dependents.That’s how they took California.51% of Cubans want to leave Cuba.I suspect Dems will lock up Florida,after allowing millions of Cubans to enter.So,if Dems can take Texas,they will have California,Texas,Florida and New York.More and more Americans look to govt as their savior.The trend is to follow Europe and I see no end to that trend.
Their tactics are the tactics of the desperate. They know they are losing the support of the American people. Most of the Cubans I have met like America just the way it Is. Looking for salvation from the government doesn’t mean you are going to get it. Jim
Eagle495
Offering voters free stuff to get elected will not bring this country back. This is not about us and them. It’s about having a vision for the future, before we spend our way into oblivion.
October is a 5 week month.
Allen, good point!! Extra time to “create” extra jobs numbers…as if any of these government-issued numbers could be really believed! Ha!!
With 58% of the new jobs still being under median wage rate it will be interesting to see what adjustments will be made to the October numbers. I still would not consider getting into the restaurant business these days. Food stamps don’t cut it to support those low wage workers.
The targeting of Oil companies through the looming Keystone pipeline veto is a great example of left politicians being divorced from reality to pander to environmentalists. Oil companies build stuff like the Keystone pipeline to avoid trucking and rail transporting oil which is inherently more dangerous. Voting against the pipeline is a vote for more rail shipments, less public safety, and actually increases emissions since more energy has to be used to transport to market.
Eddie…so much for Obama’s claim of progress is “climate change,” huh??
271,000 new jobs? Yeah…. right… sure. If that is the reason the FED will raise interest rates maybe 100 basis points over the next year so be it. High time! Cheap money has done nothing, except lead many to more indebtedness.
Oh, should the banking sector blow up again, let us just leave those high-fliers to their own devices. We can always survive a recession, or worse. The government must eventually go where the money, and wealth is to survive. The 995 are broke -trust me!
Why do the fools keep believing the government’s jobs numbers? And I can already see the nonsense of the coming job creation when the holiday part time hiring comes around this year. Wow the pundits will say, look at all the jobs. From what I have seen the jobs being created are not something folks can actually live on. But it seems the propaganda machine is doing its job fairly well as even Weiss seems to swallow the lies coming out of Washington when it comes to job creation.
Excuse my skepticism but I will bet when the final employment numbers come out next month, they will be “adjusted” downward, far downward. Re the cyclones: happens every time there is an El Nino like this year. In this instance the direction of travel was unfortunately over very heavily populated areas. As world population increases and the tendency to live within 100-200 km of a costal area continues, situation will get worse.
Isn’t rather strange that the number of those working has not changed in 40 years or so. The government always drops a big number or new jobs and not the number of those lost jobs. Give me a break!
Mr. Hyland, allow me to offer my due respect to your observation that the government statistics only represent one side of the employment gain/loss metric. In that same context, how about a REAL unemployment statistic rather than the institutionalized number fabricated by the labor department.
As for the stock and derivative markets, past historical data has at best marginal economic meaning today for one material reason, the magnitude of U.S. debt obligations (particularly those unfunded) which are clearly disproportional to GDP when taken as a whole and considering the demographics (aging) of America. Fear and greed will continue to have a measure of influence on any market, the more important question still looms. When our economic realities overwhelm such historical market psychology and ultimately brings it to its knees.
Now that’s a good grasp on our situation John…!
Just as I thought. Never listen to the doomsters who for years have preached about an impending economic catastrophe which never comes. Its the same in England where the economy there goes from strength to strength so that on every economic measure we are doing well just like the US. That is why we want to get out of the European mess; lets face it Europe has always been in a mess one way or other throughout its history.
I wouldn’t get too excited with the jobs report as most of the job gains fell within menial pay rates. In other words there was more employment for low-paying jobs in restaurant and retail than in professional and manufacturing areas.
Jean…so, in other words, we fat folks are lovin’ our burgers and fries….and then we need a bigger piece of spandex ’cause the “relaxed fit” we have now just ain’t working anymore! Hahaha…pretty well sums up the situation around this town………
game changer:
the fed has juiced the money supply. this is tantamount to a rate cut to stimulate the economy. this means the markets will go up as this newly printed money enters the economy. copy and paste to your browser:
research.stlouisfed.org/fred2/graph/?g=2rEu
https://research.stlouisfed.org/fred2/graph/?g=2rEu
Its rigged Mike like every think?
The only investment to own is gold and silver.
k
what about all of the oil industry workers? unemployed, where did they find a new job at, there are a couple of hundred thousand people PLUS laid off in this industry. they must be going to McDonalds or burger king to go to work? wait a minute they would not be able to get a job there either., because they can not expand the restaurant chains, when people cannot afford to go out and buy a big mac or whopper. 2 + 2 still equals 4? or am I wrong.
Wait until the massive minimum wage increases kick in.That should really put a dent in hiring by fast food restaurants.
Cheap burgers must be about all many people can afford. Checkers just announced plans to expand to about 70 locations in the Baltimore area, even with the state minimum wage rising to $15/hr in the next couple of years. “It’s in the bag”.
Hi Terry,
Did you ever wonder what happens to the price of gold and silver at a time of
Dis-inflation (Deflation) ?
that picture of people running. is that a picture of people racing to get to the(previous employers bank) bank first? after they got their last paycheck.
Note to Jim,
The ONLY reason that Conservative have won elections since 1981 is the Horrendous spending by the wealthiest 3% in this country to get their minions elected to public office… Simply look at what has happened since then…. The wealthy have gotten richer and the Middle Class has gotten crushed….. Eventually the voters will realize that they have been lied to and reach as they ALWAYS have going back over hundreds of years…. Our country has ALWAYS done it’s best under Liberal domination and that is a historical fact…..
the middle class has gotten crushed the last 7 yrs ……Obama and his administration cant figure out how to push on the string…!!!
I have agreed that looking strictly at the historical record confirms what you contend, although I think there was some luck involved. The Liberal problem is a long term one. The brilliant Margaret Thatcher summed it up very accurately. “Liberalism works fine until you run out of other peoples money”. We are there. The income inequality problem has been going on since 1950 primarily because of the crony alliance between big government and big business which tilts the playing field in their direction. The wealthiest counties in America are those around Washington D.C.. No recession there. I know Liberals really do mean well, they are just wrong. Jim.
Conservative candidates are financed by wealthy people, but so are so-called liberals. When Romney wanted campaign money in Maryland, he went to get-togethers in the wealthy D.C. suburbs. When Obama wanted campaign money here, he went to get-togethers in wealthy Baltimore suburbs. All politicians tend to recall who has patted their backs best. I guess Obama didn’t get enough oil money. (Keystone denial).
The MAJORITY of Donations for the Republican candidates came from the 3%. The MAJORITY of Donations for Democratic candidates came from thousands of small donors…. Simply do a Google search and you will find that what I have just said is fact….. This site will NOT allow the posting of just those studies…. Gee, how unusual for a Right leaning site… :(
Jim,
Nope, find any graph except one done by the RNC or one of their minion outlets and you will see that the Middle Class did a U-Turn shortly after 1981 about the time our deficit began to go Parabolic when Reagan gave Huge tax cuts to the 3% who gave billions to get him elected but had not the guts to cut Federal Spending…. The deficit also has it’s origins with the Republican Revolution in 1981 and their follow-on Stock Market Crash of 2007….. “those that fail to study history are bound to repeat it”…. 1929, 1981 and 2007….. All the same characters and their minions (quislings) who sold out the average citizen for the gold coin of the 3%
Federal revenues soared under Reagan’s policies as they unleashed a flood of economic activity. The Democrat Congress spent it all and then some. Reagan must bear some of the blame because he greatly increased defense spending, but this more or less bankrupted the Soviet Union, which gave us a huge peace dividend later. I just don’t see how you can say with a straight face that the Democrats have been fiscally responsible. The Federal Leviathan has undeniably bankrupted our country and the Democrat Party is the party of big government. You will never convince me that $20 trillion in debt is good for us. Your guys were all in every step of the way. Jim
Jim,
You seem to have forgotten that it was Paul Volcker( appointed by Carter ) that brought the Stock Market rally from 1982 when he stopped the Nixon Inflation by slowing that Inflation through the Federal Funds increase temporarily….. The TRUTH is that Reagan (The trained B level Actor) bitterly denounced Volcker’s moves, yet they proved to be correct. It was Reagan who appointed Greenspan who saw no harm in removing the financial regulations of Glass-Steagall which brought the Crash of 2007… I think you have got your historical cause and effect a little wrong, aye?
This argument could go on in finitum but it’s really an exercise in futility. You may be right or I may be right but with $20 trillion in real debt, $100 trillion in unfunded liabilities, and $50 trillion in private debt this country does not have a Democrat or Republican future. It’s future is default and bankruptcy. It’s not if, it’s when. I predict both parties have the same fate awaiting them as the Whigs. I have no idea what the future of our country is going to look like but it probably won’t be what either one if us wants it to be. Jim
Also, it’s a macro deal. Whichever party is in charge, it doesn’t matter. The big nation state is an obsolete and failed concept. This is demonstrated by the fact that in every conflict since 1950 where a big nation attacked a small nation, the small one prevailed. The large nation state cannot handle the stresses of the 21st century. Effective leadership will come from a more localized form of government that is inevitable. Our disagreement will be nothing more than a history lesson. Jim
Hi Jim,
I have been trying to sort out the advantages of ending the Cold War…
One thing keeps popping up to say that Regan might have stated the crisis in the Middle East..
What happens when the TWO strongest World Powers decide to be more friendly
and stop shaking their Sabers for all to see?
Your Turn…
The jobs report does nothing to change my view of the economy. One just has to look at wha sectors the jobs are being created in, and where they are flat or falling (manufacturing, mining, et. al.), to see that stable, well-paying jobs with upside, are still not being added in the U.S.,to make a significant difference in the direction of the economy.
I my gosh, the jobs report increased… The same thing happened just before Thanksgiving last year… And the year before… And the year before that… and many years before that…
I simply cannot get over that it happened again…
Gee Donnie,
You seem to have missed the FACT that jobs have increased and unemployment has fallen and the Stock Market has gone to new all time highs since Obama and a DEMOCRATIC MAJORITY Congress were elected in 2009…. Since the GOP took the Majority in Congress, the Stock Market has not gone anywhere….. Past history tells us that this is to be expected…. Even the supposedly “learned” “Dr” can not refute history..
Eagle495
Governments don’t earn money, they spend other peoples. All of them are a disappointment. Poor government, money printing and manipulation by the Fed is where we are at. This incompetence causes risk free investments and capital flight. None of this helps people get real jobs. This is why we need change from both sides. Ask why ordinary people turn up to listen to the Donald. It sounds like many of them are fed up as well.
Hi Donnie,
I wonder if the seasonal Hiring might have something to do with a better Jobs Report?
Did you ever look up what the Gov counts as a “JOB Created”
Yes, It includes Part Time Jobs…
Yes, it includes a day or two a week…
Yes, it includes …….. Hmmmm
Go see for yourself and you will be amazed.
The BLS are notorious manipulators. I think the FED will not raise rates because it will do precisely what you said which is to raise the value of the dollar and hurt international companies here in the USA and reduce exports, and cause far more layoffs. These are NOT the goals the FED should be pursuing. The 5% unemployment number is a meaningless number. What is important is the number of hours worked and the national income of those workers. All of which are down big time! They are HARD numbers that are available and not subject to adding ghost jobs and other fudges that smack of political manipulations. Starting the interest rate rises is the path to higher debt payments on the horrendous national debt which in turn will grow to levels the nation can not afford. Default is a certainty. Would they want to start this now? If so, WHY?
Hi Richard,
A Country has a big reason to not raise Interest Rates when they are borrowing
like a Vegas Looser..
Debt Financing costs already are eating up close to 40% of the Tax Revenue and the
Interest Rate is close to ZERO for the longest time in the Country’s history.
The Country could confiscate the Total Wealth of all the richest 1%… Cars, Planes, Homes Islands, Gold, and that would not make a dent in the $ 19 Trillion Debt ..
So… what would remain to tax the following year?
Yep!!! The NEXT Richest group. The Middle Class.
I believe the jobs numbers are a fake out…..there is a big push in media to start buying before thanks giving for christmas….there have been alot of hirings announced by big companies like amazon et al. I bet it will be flat next month and down in january …I believe this is just a blip on the screen….
Gold dropped $15 Friday and my cheap gold stocks barely budged.I think they are trashed about as much as they are going to be.A really great time to be buying them.
If gold falls another $100 or so as Larry suggests, gold miners will fall a bit, but unless they go bankrupt, the loss should only be modest and temporary (many are down to just a couple of bucks anyway). If you stick to companies with little or no debt, and if gold begins that big rise Larry calls for, you should make out like a bandit, but it may take a couple of years or so.
Those hiring stats seem highly suspicious. How would hiring double in one month? Also, how did that balance with the many recent layoffs by major companies and others? We haven’t gotten the last word yet. Did some clerk punch a 2 instead of a 1?
Dear Mike,
How do you feel this final, fifth wave surge, in the dollar will play out. The commodities bust is back in full play. The deflationary crash will burst all the remaining bubbles, in Europe and Asia, and then we will await the crash of the dollar.
We live in interesting times!
Kind regards,
Adrian.
Closing statement: Hope you doomsayers have been able to go beyond your Political Beliefs here and have been FULLY INVESTED since those dastardly Democrats took over in 2009……. History has told us that the Stock Market and, in turn, the economy has done FAR BETTER under them that under the Republicans….
Incidentally, my LONG TERM Buy/Sell Indicator went to a BUY on the last trading day of October and it has NEVER been wrong….. Interestingly, going clear back to 1929, it has spent far more time in the BUY column under Democratic Administrations (40 years) than Republican Administrations (36 years)….. The difference in gain for the Democrats is 167 times greater during that time period…..
Good Trading!… :)
You are still avoiding the $200 trillion question! Jim
What in the world are you talking about?
Hi Eagle,
I agree that being invested since 2009 would have been a good thing… but
what caused the Crash of 2007-2008?
Could it have been the fear of Higher Taxes in the future under a Democrat government?
I compare the 2007-2008 crash to the example of Enron, where they were being hyped as a great investment by “Arthur-Anderson) at the same time as the Principals were taking their Profits out of the Company..
Not even the Employees made a gain because their Pensions were also locked up
in their own company’s Stocks.
If you have a Normal Advisor telling you to stay in an investment, you need to see
what the other hand is doing… for the richest of their customers.
Stocks are like a scared animal…. They react to sudden activity……. like when a flock
of Geese takes off because Just One was spooked…
Now, with automated trades and Stop-Loss triggers, the flock can react in a
very quick way..
We are told that getting in or out of an investment is more safely done using
“Dollar Cost Averaging”, likely because it does not make big waves and raise
warnings.. The Big Money always has set limits to generate Profit Taking
profits at the right time.. so… you might be surprised when your slowly-rising
investment suddenly makes a big correction and YOU LOOSE your gains in a day,
Tell me where I am wrong.
You are. The best thing you could do improve your investment returns is to turn off Limphog…
ISIS made a big mistake going after Russia, however Putin must protect Assuad at any cost. The West is in for a big hurt, it looks like the Police State in England will be the Start, it will spread. Harper in Canada was the first, casualty.
I wonder if Obama ever thought about the real reason the Keystone pipeline may one day be needed: it could carry Canadian water to the U.S. I bet California would like to have it rerouted their way, even now.
If you’re looking at the Administration’s unemployment numbers you will be fooled. Further examination would show you that nearly all the jobs that were created went to foreigners, either legal or illegal, and that native born Americans lost a net 27,000 jobs. And note that the job growth for non-American born workers was for mostly low-skilled and low paying jobs, a picture that has been true for a decade. It explains why American household income has fallen over the last decade.
Thanks Linda.
Well Said.
A lot of Companies are trying to cut costs to escape the huge Healthcare premiums and
rising penalties.
If getting under the magic number of 50 means getting rid of some employees, they are doing it.
2016 will be another big wake-up call when more Healthcare premiums rise by
20 to 30% or more.. and the Penalties rise as well for those who are not
in a plan.
Michael, not sure the Jobs report means anything. When you have the worker PARTICIPATION rate at near record lows, these jobs created in lower paying positions, mediocre wage growth, the factoring in of the CES birth/death model, which, creates jobs out of thin air, not counting in the long term unemployed or the millions of UNDER employed, this number is truly meaningless. John Williams of Shadowstats.com will have the true meaning behind this meaningless number.
Remember, the worker participation rate is not that far above what it was in the days when most wives didn’t work outside of the home. Now, they must have regular jobs, in most cases, if the family is to have a living standard much above the poverty level. This means that men, increasingly, are not participating in the labor market – at least officially.
The govt report on unemployment, like the CPI report can’t be trusted. With this Administration everything if political.
I hope everyone has read Martin Weiss’s little essay this morning on the merger of politics religion and economics in the Middle East. Our fool “leaders” have gotten us involved in something that, realistically, can only end in something like the biblical Armageddon. All this is from the finest of political motives of course. They have to appear strong in the face of provocation. We the sheeple would have it no other way, certainly. Nor would the sheeple of any of the nations involved. If Hussein had somehow managed to clobber us in 2003, the Iraqi sheeple would have been cheering in the streets, and proclaiming it to be the Will of Allah, along with all the other Muslim sheeple
I just read that the city of Hamtramck, Mich., just elected the first dominantly Muslim city council in America. The city has become about 50% Muslim. Would they dare vote in a law that didn’t meet Sharia standards, even if it was contrary to U.S. law? Wait for it.