by David Kranzler
Investment Research Dynamics
Using the “jobless claims” metric, the financial media and snake oil salesmen would have us believe that the Government-compiled jobs market metrics indicate “sustained strength in the labor market that should further dispel fears of a recession” – Reuters’ Animal Farm.
A reader asks: “if the jobs market is so good why did my bilingual daughter, who graduated with a 3.8 GPA from Ga. Tech [Dr. Paul Craig Roberts’ undergrad school], not get a job offer for two months until someone I know hired her?”
A funny thing, those Government compiled, manipulated and propagated reports. I answered with: “She was fishing in the wrong fishing hole for jobs – she should have been sending her resume to Burger King and Starbucks. But it sounds like the service sector is starting to shed jobs as well. I honestly don’t know how they are coming up with their jobs reports. As for the jobless claims, it makes sense that the claims are dropping like this. As the labor force shrinks, especially the component that would qualify for jobless benefits, the number of people who file for jobless benefits shrinks, right?”