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Thursday, July 03, 2014

Not Bad - Update Tomorrow

What's nice about today's employment report is that the Apr-June gains reported in the Household Survey started to mesh with the gains reported in the Establishment Survey.

I will expand tomorrow, but look at the Household survey. Unemployment rates dropped sharply for adult women, for those with just a high school education, and for those with some college but no degree. Unemployment rose a tad for those with a college degree or better.

Unemployment dropped sharply for blacks - thank heaven!!! That rate has been far too high for far too long. Overall a lot of that has been due to a younger population, but enough's enough. ...

Part-time employment rose by 275K compared to an overall monthly gain of 407K. 

We have finally escaped the rule of 58, with the emp/pop ratio coming in at 59.0. Finally!!!!


I hate to ask this, but given the magnitude of downward revisions lately in some of the politically sensitive data series, I just have to wonder.

Is there any correlation to other positive data series that would back this up?

OK, MoM:

In light of the Detroit link I posted a couple days ago, what is your opinion of something like this:


This is a community bank that that is essentially IN a low-income community. The FDIC can force a takeover by a bigger bank, but as long as the bigger bank's loan portfolio is OK to the regulator, it won't increase lending in THIS low-income community AT ALL.

The regulator seems to be more concerned over macro than micro. Which essentially earmarks this community for devastation. And I'd suspect this lunacy has been going on in Detroit for decades.
Isn't this a disconnect with the GDP numbers? It is hard to see how employment is on an upward track when demand is going down.
AS HAS BEEN REPORTED ELSEWHERE... the 288K net increase in overall jobs was ridiculous in light of the 523K loss in full-time jobs.

Does anyone want to argue the quality of the so-called "gain"???
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