The Mess That Greenspan Made - Part 10

Some Disturbing Labor Market Data Points

In the wake of Friday’s dismal labor report that dismal scientists across the country shrugged off as a one-off event come a couple of interesting (and pretty disconcerting) data points for the U.S. labor market that appeared on the intertubes this morning.

First, from this item at David Stockman’s Contra Corner blog comes the chart below showing what U.S. nonfarm payrolls look like without what can only be described as a more than decade long education and health care (mostly the latter) jobs juggernaut.

In short, while the U.S. population has increased by more than 30 million over the last 14 years, there have been no net-job gains in the U.S. labor force when  health care and education workers are removed from the totals, what Stockman calls “a fatuous shibboleth”.

Also… (more…)

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Monday Morning Links

Japan’s economy shrinks annualized 7.1 pct in Q2 – CNA
The Bad News Continues to Pile up for Japan’s Economy – WSJ
Facing Reality in the Eurozone – Project Syndicate
Scotland split jitters send sterling to 10-month low – Reuters
U.S. Launches New Airstrikes on ISIS to Protect Dam in Iraq – NY Times
The Mess Obama Made on the Way to the So-Called Ceasefire in Ukraine – Fiscal Times
More than Half of Workers Have New Jobs Since the End of the Recession – MR
Why Bubblevision Misses The Epic Failure Of The US Labor Market – Contra Corner
Millennials are saying no to credit cards – CNN/Money
It’s won’t be long before US debt is out of control – Quartz
The Two Pillars of Full-Cycle Investing – Hussman Funds
Do Whatever it Takes to Shock and Awe – Noland, Prudent Bear
What Does the Media Do? – aucontrarian

British stocks, pound fall; Asian markets meander – AP
Goldman Sachs gets bullish again on stocks – CNBC
The Goldilocks Recovery Lives On – New Yorker
Stocks: Bull market alive for 2,000 days – CNN/Money
You Missed $1 Trillion Return Agreeing With Fed Naysayers – Bloomberg
Stock-picking gains traction as volatility looms – MarketWatch
Gold inches down on stronger dollar, drop in shares limits losses – Reuters
Another Week Of Strong Gold Demand In China – BullionStar
Gold not getting much pop post-jobs report – MarketWatch
China gold demand picking up again? – Mineweb
Precious Metals and the Dollar – Silver News

The Exaggerated Death of Inflation – Guardian
Who You Gonna Believe? – Alhambra Partners
The Upside of August’s Jobs Report: A Goldilocks Economy – WSJ
France and Friends: Merkel Increasingly Isolated on Austerity – Spiegel
Eurozone faces another recession as ECB fails to avert confidence plunge – Telegraph
U.K.’s Big Banks Cut Lending by $595 Billion, KPMG Says – Businessweek
China Posts Record Surplus as Exports-Imports Diverge – Bloomberg
China to become world’s largest economy in 2024: IHS – Channel News Asia
China’s housing market is on the brink of collapse. Should Australia be worried? – Guardian
House prices: Have sellers missed the top of the property market? – Telegraph
Struggling Homeowners Are Shouldering The Responsibility Of U.S. Deficit – MFI Miami
Whatever it takes to see helicopter Mario (Draghi) – Antonio Fatas


George Carlin on Shoppin’ and Eatin’

Recently stumbled upon this and it seemed worth hoisting up here this morning:

Towards the end, the American consumer is characterized thusly: “People spending money they don’t have buying things they don’t need”. Hmmm… I’ve said that many times over the years and never really knew where it came from.

Also see the late Mr. Carlin’s take on the fading American Dream which, actually, is part of the same appearance – skip to about the 1:30 mark to pick up where the above video ends.

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The Weekend Update is Now Available

The latest issue of the Iacono Research Weekend Update has been posted to the website and is now available for subscribers here.

There will be no changes to the model portfolio or the buy ratings this week, but this year’s covered call sales are reviewed in the following discussion topic:

The executive summary is as follows:

Major equity markets reached record highs with the S&P500 breaching the psychologically important 2,000 level, while bonds and commodities also moved higher in yet another week when nearly every asset class rose. U.S. economic data was mixed, but news from Europe indicated ongoing difficulties and the possibility of outright deflation, all of which boosted the trade-weighted dollar.

Geopolitical concerns over both Ukraine and Iraq increased, providing support for oil and gold prices that rose together for the first time in 10 weeks. Natural resource stocks moved higher, as did REITs and emerging market stocks, and the model portfolio gained 0.6 percent, now up 9.2 percent for the year.

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