“Where’s the beef” is part and parcel of our entire fabric these days…
We spoke two weeks ago about the race to devalue all currency’s against gold. The race to the bottom is now on.
Trump Says US Should Join “Great Currency Manipulation Game” By Devaluing Dollar
July 4, 2019
President Trump has never been a fan of the strong dollar. And after beating around the bush for months by demanding a 50 bp rate cut and more QE from the Fed, it seems the president is now explicitly calling on the US to artificially weaken the greenback by any means necessary.
In a tweet, Trump blasted China and Europe for playing a ‘big currency manipulation game’ and recommended that the US “MATCH” or risk being “the dummies who sit back and politely watch as other countries continue to play their games.”
<blockquote class=”twitter-tweet” data-lang=”en”><p lang=”en” dir=”ltr”>China and Europe playing big currency manipulation game and pumping money into their system in order to compete with USA. We should MATCH, or continue being the dummies who sit back and politely watch as other countries continue to play their games – as they have for many years!</p>— Donald J. Trump (@realDonaldTrump) <a href=”https://twitter.com/realDonaldTrump/status/1146423819906748416?ref_src=twsrc%5Etfw”>July 3, 2019</a></blockquote>
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Where’s the Beef?
Appearance is all that matters. Everything else, the meat, we’ll……who really cares.
First we get the headline reporting huge job increases (Yet unemployment rises! Go figure)
Then looking deeper into the stats, the next headline reports the increase was due people having to get 2,3,or 4 jobs to keep up with living expenses. Not really pure job creation based on a roaring economy.
“To summarize: June saw a surge in full-time jobs, as total US employment hit a record high of 157 million workers, however virtually all of this increase was due to workers being forced to get a second (or third, or fourth) job, double- (and triple-)counting those who can no longer make ends meet on one job alone.”
Remember MOPE? Management of Perspective Economics.
Especially relevant today with the Algo trading dominating the markets.
CIGA Wolfgang Rech
It Wasn’t All Great News: Multiple Jobholders Soar To Record High
July 5, 2019
While the headline payrolls number was stellar, coming in higher than even the most optimistic Wall Street forecast, one aspect of today’s jobs report that will likely become a major talking point for Democrats and other critics of the Trump economy, is that the number of multiple-jobholders soared from 7.855 million to 8.156 million, a monthly surge of 301,000 – the biggest since July 2018, and an indication that the jobs number was far weaker than the headline represents if one excludes all those workers who represented two jobs to the BLS’ various surveys.
U.S. Adds 224,000 Jobs As Hiring Rebounds In June, Calming Worries About The Economy
July 5, 2019
By Jeffry Bartash
The numbers: The U.S. added a robust 224,000 new jobs in June, rebounding from a recent lull and calming worries about the health of an economy now entering a record 11th year of expansion.
The increase in new jobs easily beat the 170,000 forecast of economists polled by MarketWatch.
Improved hiring last month dispels for now the threat of a dramatic slowdown in growth for an economy that just this month set the record for longest expansion ever. Ongoing U.S. trade disputes and a faltering global economy have dampened exports, wounded American manufacturers and undermined the confidence of businesses and consumers.
The U.S. and China — the world’s two largest economies — agreed last week to delay pending tariffs and return to negotiations given the high stakes involved.