Lousy jobs report coming out on Friday showing the United States lost more than 300,000 jobs in January 2022. Hello, America! Not good.
The White House is working overtime trying to come up with some explanation as to why the “fastest economic growth in nearly four decades” misses the mark by more than 500,000 jobs in a single month [expected 200,000+ new jobs and will show a loss of 300,000+ jobs resulting in a 500,000 + jobs miss, ouch!]. This is a huuuuuuuuuuuuge miss.
In a storm of record inflation the Biden jobs record — primarily a dead cat bounce by all indications — was the only actual bright spot on the big picture.
A dead cat bounce has nothing to do with Catwoman, who is very much alive and contemplating a remake of her iconic movie. It is a technical term of financial art meaning that even a cat dropped from a great height bounces upward when it hits rock bottom. [It is presumed the cat dies from the fall.]
But, that is not the story I want to tell you today. Continue reading