The unemployment picture painted by today’s jobs report headlines is much rosier than reality. Yet, the Dow broke below 10,000 for the first time in months. The real unemployment number reported by the Bureau of Labor Statistics (BLS) is much higher and scarier than they want you to believe. What's next?
How do fish get caught? They open their mouth. How do investors get ensnared or misled? They believe in non-existent phenomenons like a “jobless recovery.”
Surprising as it is, for nearly a year, investors have shrugged off mounting jobless claims and rising unemployment as an ingredient that is not really required for an economic recovery.
Yesterday’s (2-4-10) announcement by the Department of Labor that claims for unemployment benefits rose by 8,000 to 480,000 sent stocks spiraling. (more)
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