Saturday, June 8, 2013

Shit Jobs Numbers Froth Unemployment Rate Up to 7.6, ECB Perfecting Situation-Worsening Approach, Facebook Not Really Secure for Insider Trading Tips (Poop on Chinese Smithfield Foods Buy), and No Help Like Help For Those Who Don't Need Help

Need some further statistics indicating that the economy (not to mention all the other decades-old devastating problems) is not slated to improve until waaaay after our "change" President's moment? (But hey, 30 million more people will get to pay for bad health insurance, so there is that . . . .)

The third paragraph in the first item below is almost amusing enough to make us grab our sides to try to calm down from riotous laughter.

07 Jun 2013

Markets Froth Over Underwhelming Jobs Report, Increase In Unemployment Rate

The U.S. added so many jobs last month that the unemployment rate actually went up.

American employers added 175,000 jobs in May, almost exactly the average monthly job growth over the last year, the Labor Department reported Friday, while the unemployment rate ticked up to 7.6 percent from 7.5 percent in April.

Economists were relieved that the numbers weren’t worse, given a string of other disappointing data in recent weeks, but noted that recent job trends are nowhere close to bringing the country back to full employment. At the current pace of job and population growth, it would take nearly five years to get the economy back to the low unemployment rate it enjoyed when the recession officially began in December 2007….

Still, the cause behind the uptick in the unemployment rate, at least, was mildly encouraging: more people joined the labor force, perhaps indicating that Americans who have been sitting on the sidelines feel that they finally have a chance at finding a job….

The major stock market indexes — the Dow Jones industrial average and the broader Standard & Poor’s 500 — were up in midday trading by about 1 percent.
U.S. Added 175,000 Jobs in May; Jobless Rate Rises to 7.6% [NYT]

Good News! The Unemployment Rate Rose [WSJ Real Time Economics blog]
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ECB Perfecting Laissez-Faire Approach To Worsening Economic Situation

It could. It totally could. But, for now, the European Central Bank isn’t going to make banks pay it for the privilege of holding onto its money overnight. And so, in spite of the mounting bad news, the euro soared to a one-month high against the dollar. The euro scaled one-month highs against the U.S.…
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Your Facebook Wall Is Not A Secure Venue For Trading Insider Tips

Badin Rungruangnavarat knows what we’re talking about. Regulators have obtained a court order freezing the assets of a Thailand-based trader, saying he reaped $3.2 million in illegal profits after getting a tip ahead of the announcement that a Chinese meat company was buying Smithfield Foods Inc. The Securities and Exchange Commission said on Thursday that…
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If your heart can take it.

One bit of daylight (but you might not like it very much) in the swamp is provided by Dean Baker who documents how every single program sold as helping those at the bottom of the wealth pyramid is really enormously enriching those at the top by design. There's no help like the help that we give to those who don't need it.

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