{"id":200228,"date":"2021-06-04T17:52:00","date_gmt":"2021-06-04T22:52:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2021\/06\/04\/and-the-unders-win\/"},"modified":"2021-06-04T17:52:00","modified_gmt":"2021-06-04T22:52:00","slug":"and-the-unders-win","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2021\/06\/04\/and-the-unders-win\/","title":{"rendered":"And the Unders Win"},"content":{"rendered":"<\/p>\n<div style=\"border: 1px solid black; float: right; margin: 0px 10px; padding: 5px; text-align: center; width: 360px;\"><a href=\"https:\/\/i.imgur.com\/ZIqgVjM.png\"><img decoding=\"async\" border=\"0\" bordercolor=\"white\" src=\"https:\/\/i.imgur.com\/ZIqgVjM.png\" width=\"350\" \/><\/a><br \/><i>The <a href=\"https:\/\/www.calculatedriskblog.com\/2021\/06\/may-employment-report-559-thousand-jobs.html\">Scariest Jobs Chart Ever<\/a><\/i><\/div>\n<\/p>\n<p>Job growth in May <a href=\"https:\/\/www.wsj.com\/articles\/may-jobs-report-unemployment-rate-2021-11622764467\">was less than the consensus forecast<\/a>, 559,000 as versus the consensus prediction of 671,000.<\/p>\n<p>We are in a recovery, one just wonders how fast, and when the benefits will start accruing to the top 1% again.<\/p>\n<p>I would note that the progress of the recovery illustrates an important point:&nbsp; A world wide pandemic is less capable of doing lasting damage to our society than does business of usual in global finance:<\/p>\n<blockquote><p><span style=\"color: #2b00fe;\">U.S. employers boosted hiring in May, but not enough for the labor market to keep pace with an overall economy that is heating up as the pandemic continues to ease. <\/p>\n<p>Payrolls <a href=\"https:\/\/www.bls.gov\/news.release\/pdf\/empsit.pdf\">grew by 559,000<\/a> last month, the Labor Department reported Friday, up from a revised 278,000 in April, which marked a sharp drop from March\u2019s figure. The unemployment rate fell to 5.8% in May from 6.1% the prior month. <\/p>\n<p>While the gains marked an uptick from April, they were lower than economists predicted and reflected businesses struggling to fill job openings as potential workers remained on the sidelines. The labor recovery has slowed from earlier in the year\u2014in March, the economy added 785,000 jobs\u2014a development economists say could delay a full labor recovery to well into next year.<\/p>\n<p>That mixed picture cheered investors, who bet the numbers weren\u2019t strong enough to change the Federal Reserve\u2019s course on its easy-money policies. U.S. stocks <a href=\"https:\/\/www.wsj.com\/articles\/global-stock-markets-dow-update-06-04-2021-11622792440?mod=article_inline\">rose<\/a>, while the yield on the U.S. 10-year Treasury <a href=\"https:\/\/www.wsj.com\/articles\/u-s-government-bond-yields-slip-after-jobs-data-11622821509?mod=article_inline\">fell<\/a>.  <\/span><\/p><\/blockquote>\n<p>Why yes, the stock market is <b>COMPLETELY<\/b> disconnected from the well being of society, why are you asking?&nbsp;<\/p>\n<p>We need to stop coddling Wall Street at the expense of Main Street.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Scariest Jobs Chart Ever Job growth in May was less than the consensus forecast, 559,000 as versus the consensus prediction of 671,000. We are in a recovery, one just wonders how fast, and when the benefits will start accruing to the top 1% again. I would note that the progress of the recovery illustrates &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[973,975,1089,992],"tags":[],"class_list":["post-200228","post","type-post","status-publish","format-standard","hentry","category-economy","category-employment","category-recession","category-statistics"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/200228"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=200228"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/200228\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=200228"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=200228"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=200228"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}