Global Stocks Decline On Samsung Woes; Rising Dollar Pressures Oil

Global markets and US equity futures fell on Samsung Galaxy Note 7 contagion concern, while the dollar rose to its strongest level in 11 weeks and U.S. bonds declined as investors boosted wagers that the Federal Reserve will raise interest rates this year.

Key Events In The Coming Week

In the US focus will be on the market's reaction to the second presidential debate, FOMC Minutes but also retail sales, import and producer prices and Michigan sentiment. We also hear from various Fed speakers throughout the week, and Chair Yellen gives a keynote speech on Friday.

The Economic "Recovery" Feels Weak Because The Great Recession Never Really Ended

"We are not in a recovery and were not really in a traditional recession. People think of a business cycle as a boom, followed by a recession and then there are automatic stabilizers that revive the economy, but this time, we can't revive. And the reason is that every recovery since 1945 has begun with a higher, and higher, and higher level of debt. And the debt is so high now that since 2008 we've been in what I call, debt deflation."


Globalization Is Done

The end of growth exposes the stupidity and ignorance of all but (and even that’s a maybe) a precious few (of our) ‘leaders’. We are transcending into an entirely different stage of our lives, our economies, our societies. Growth is gone, it went out the window long ago only to be replaced with debt. And that’s going to take a lot of getting used to. But there’s nothing that says we couldn’t see it coming.

Doomed To Failure

In short, the U.S. economy may never reach “escape velocity” unless it is first allowed to crash.  It has been too larded up and larded over with debt for any real sustainable growth to take root.  More evidence, to this effect, was revealed this week.

Where The September Jobs Were: Secretaries, Waiters, Retail And Social Workers

While we already noted that the headline quantitative print in jobs, which rose by a seasonally adjusted 156K in September, was far weaker when observed from a quality standpoint, as a result of the surge in part-time jobs, the dip in full-time jobs, and the jump in multiple jobholders to the highest since the financial crisis, another question is which industries were hiring, albeit mostly part-time workers. Here is the answer.