The U.S. economy is sick and getting sicker. From MN Gordon at economicprism.com:
Now there comes a time
In every man’s life,
Where decisions have to be made
Whether to toil, to labor,
Or just plain piss
Your days away, away, away!
– Caught in a Jar, Dropkick Murphys
Flat Out Wrong
Jobs data reported this week by the Bureau of Labor Statistics show that, as of the last business day of June, there are 10.7 million job openings. Hence, according to the numbers, there are many more available jobs than willing workers.
At the same time, the U.S. unemployment rate’s just 3.6 percent – near a five-decade low. So, by the numbers, the economy is at full employment and still overflowing with jobs to be filled.
The U.S. economy couldn’t possibly be in a recession, given this robust and healthy jobs market, could it?
Not in the eyes of Treasury Secretary Janet Yellen, who recently stated the economy isn’t in a recession because, “job creation is continuing, household finances remain strong, consumers are spending and businesses are growing.”
Quite frankly, Yellen is flat out wrong. Remember, the jobs numbers are only as good as the data that goes into them. And with a scratch below the surface, it quickly becomes clear that the jobs numbers are not a sign of economic strength. But rather, of economic sickness.