I doubt anyone really cares but the mainstream media certainly thinks the weekly and monthly jobs reports are important. And, wow, the media can certainly spin that story.
When I saw the numbers for June, 2021, I was not impressed. It looked like a pretty dismal report, and the market apparently agreed -- the US equity market surged, knowing that the jobs numbers -- not being good -- would allow "the Fed" to maintain the course. And that was great news for the market.
The only number folks really follow -- the unemployment number -- actually rose from 5.8 percent to 5.9 percent, but worse, analysts had expected the unemployment rate to drop to 5.6 percent. And yet, the mainstream media universally praised the jobs report. LOL. Had this been a GOP administration, the mainstream media would have skewered the administration for a rising unemployment rate.
But it's all hypocrisy. No one really cares. At least not in the way we would want the government to care.
Yesterday, in an extended CNBC interview, the Commerce Secretary said the answer to unemployment was .... drum roll ... education and training.
And we move on.
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Flathead Lake
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