The Wall Street gang is jumping for joy this morning, and who can blame them? Another month, another half-million jobs lost — and stock futures are up. Up, we say! Green shoots are becoming golf course lawns in this economy faster than you can say, “Put another guy from Goldman in charge of the Treasury.”
After all, if ever there was a reason to pop the bubbly, this chart of the unemployment rate from Econoday is certainly it:
Why, at this rate, we’re almost certain to finally crack that double-digit barrier everybody’s been talking about since Christmas. If you think a measly 8.9% unemployment rate throws a wild party, wait until you see what fun traders can have with 10.0% plus. Here at Kelly Letter HQ, we already have five bottles of Two-Buck Chuck ready to go on that day, because the math just works for the big 10.
Not to get in the way of a good time or anything, but this tidbit showed up in the details: Since the recession began in December 2007, the economy has lost a net total of 5.7 million jobs. Traders may be having fun with these numbers, but somebody isn’t.
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