Value Added: Keeping the Jobs Numbers in Perspective
NewAmericanCont... - June 8, 2009 - 10:58am
The employment numbers came out on Friday with a loss of 345,000 jobs in May and many market participants took this to be a positive development. We don't. The positive market reaction does confirm our view that despite bad news, there is potential to reflate asset bubbles and drive a jobless recovery based on consumption among the plutonomy. But this jobs report and the reaction to it, affirms our view that if a recovery does take place, it is increasingly unlikely that it will be based on broad based middle-class job growth and prosperity.
We thought it may be useful to point out a few facts and highlights from the headline numbers and the specifics of the May's jobs report to keep it in perspective...
