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Bazooka Economics

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It asked "(h)ow bad do conditions have to get before" central bankers intervene. It's mindless of the ocean of easy money they created irresponsibly. It went to bankers, not economic growth.

They used it for speculation and greater consolidation. They stole public funds for their own benefit.

The Times wants more of a bad thing repeated. Failure "means trouble for everyone," it said. What are they waiting for, it asked?

Instead of explaining what's wrong and how to fix things, The Times endorses what helps bankers most. Let ordinary people eat cake....if they can afford it.

A Final Comment

The July US jobs report beat expectations. At the same time, it woefully underwhelmed. The headline U-3 number was 163,000. Report details were soft.

The private payroll diffusion index fell for the second straight month. At 56.4, it's down from 56.8 in June and 61.3 in May. Despite last month's headline number beating June's, breadth was lower in July.

Hours worked were flat. Up 0.1%, average hourly earnings barely budged. Work-based income gained the same meager amount. In real terms, wages contracted.

Hourly earnings year-over-year fell from 2% in June to 1.7% in July. The comparable weekly pace dropped from 2.3% to 2%.

Incomes are declining. Jobs created are poor ones. They're mostly low pay/low benefit part-time or temp ones. 

Economic uncertainty prompted greater savings. The opposite effect is less spending. In real terms, it's negative.

U-3 unemployment rose from 8.2% to 8.3%. U-6 stands at 15%. Real unemployment as calculated in the 1980s approaches 23%. It adds uncounted long-term (one year or more) discouraged workers U-6 figures ignores.

Without fictitious birth/death ratio over-counting, U-3 gained 120,000 jobs or less. The broader Household Survey was dreadful. It fell 195,000. 

Virtually all jobs lost were full-time. They dropped 228,000. They're down for three of the past four months. The employment rate dropped from 58.6% in June to 58.4%. Labor force participation fell from 63.8% in June to 63.7%. 

Small downward revisions showed May and June combined created 12,000 fewer jobs.

The U-3 headline number belies economic decline. Soft data confirm it. Expect continued weakness ahead.

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I was born in 1934, am a retired, progressive small businessman concerned about all the major national and world issues, committed to speak out and write about them.

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