Following Jason Furman's "Baghdad Bob" appearance on CNBC this morning, it is President Obama's turn to gloat over the awesomeness of a 4.9% unemployment rate (never mind the fact that the gains during his presidency have gone to low-paying jobs). A job is a job after all... right?
A day after German authorities arrested three men in connection with a planned terrorist attack on Berlin, Germany's intelligence chief warns that ISIS fighters are hiding among the 1.1 million refugees the country took in 2015. "We have repeatedly seen that terrorists have slipped in camouflaged or disguised as refugees," he says. “This is a fact that the security agencies are facing.”
With faith in "growth" faltering and the momo leaders rolling over, there are still worries for the bears in the intermediate term...
Since the US manufacturing sector is unofficially in a recession, and since the US service sector is allegedly growing like gangbusters, we are updating our favorite chart showing the bifurcation in the New Abnormal US economy: the job gains by U.S. manufacturing workers on one hand, and by waiters and bartenders on the other.
People are starting to get it. They understand the system has morphed into a rigged fraud, and they understand that Sanders really, desperately wants to change it.
It appears the growth-value divergence is collapsing...
Starting with the infamous month when it all started falling apart, December 2007, the US has added just 186,000 native-born workers, offset by 13.5x times more, or 2,518,000, foreign born workers.
Not warm enough to support growth guesses and not cold enough to keep The Fed on the sidelines... stocks are not amused by today's "great" or "terrible" jobs data and the S&P 500 is back below 1900, down over 10% from record highs...
According to the BLS' breakdown of jobs added in January of the 151,000 jobs added in the past month, retail trade added 58,000 jobs in January, while employment in food services and drinking places, aka waiters and bartenders, rose by 47,000 in January. In other words, 70% of the job gains in January went to minimum wage workers.
Just days after Fed whisperer Goldman Sachs made its first (of many) revisions to its Fed rate hike schedule, and no longer expects a March rate hike (if still somehow seeing 3 rate hikes in 2016), moments ago Fed mouthpiece Jon Hilsenrath reiterated the Fed's latest favorite catchphrase - that would be "watchfully waiting" for those who haven't paid attention - , and said that today's jobs report leave the Fed in limbo when it comes to the March rate hike decision. More importantly perhaps he adds that "Fed officials were expecting a slowdown." However, when one adds the 105,000 in prior month revisions, was is this big?
Emergency responders are on the scene of a reported crane collapse in lower Manhattan. As CBS reports, it happened just before 8:30 a.m. on Worth Street near Church Street in TriBeca. There are reports of people possible trapped in cars. Fire officials said one person is dead and at least two others are hurt. “I just felt it. It felt like a bomb,” one witness said. “This is just crazy, it’s huge - it’s enormous.”
There has been an economic coup d’état in America and most of the world. We are now ruled by about 200 unelected central bankers, monetary apparatchiks and their minions and megaphones on Wall Street and other financial centers. Unlike Senator Joseph McCarthy, we actually do have a list of their names. They need to be exposed, denounced, ridiculed, rebuked and removed.