Yesterday the stock markets soared, because the weekly “new unemployment claims” dropped a bit.
Today the report is, OOPS, actually in December the economy LOST 101,000 jobs.
The U.S. labor market took a turn for the worse in December as the economy lost 101,000 jobs, the government said on Friday, in contrast to expectations companies would add workers. The jobs drop was the largest since February, when the economy lost 165,000 jobs.
So today stocks are … up.
Tell me, WHO is going to lead the economy out of the doldrums? WHERE are the customers going to come from?
The other day a friend was telling me about the last several months before his company went under. He said all the signs were clearly there, but people couldn’t accept it. People would seize on every small piece of potential good news and take it as a sign of imminent recovery. A major customer called and said there might be an order coming – everyone would rejoice, some would even buy new cars. (Of course the order never came.) The landlord let them out of a lease on one of their buildings – celebration, speeches by the CEO about the beginning of the turnaround. People held onto their stock, sure it would rise tenfold to previous levels. Finally, of course, inevitably, came the end.