Economy This and That

Here comes the daylight, here comes my job

Uptown in the penthouse or downtown with the mob

Here comes the nighttime, here comes my role

Goodbye to the pavement, hello to my soul

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Looking at the news on jobs this morning tickled something in the back of my brain. Job reports used to be big news, not so much anymore. For decades, paradoxically, a bad jobs report was often, if not always, met by rising markets. The reason being the financial boys making all the money thought rising unemployment meant the Fed would be lowering interest rates, meaning more money for us, errrhh, them. A few claimed this sort of market movement represented the disconnection of financial markets from the real economy.

So, it was interesting, with the release of this lackluster jobs reports this morning, markets are down. The NYT claims the down markets were in part due to "a report that showed the U.S. labor market was weaker than economists had expected." Granted, what the NYT knows about anything today or how they shade it if they do is an issue between them, their subscribers, and their gods. Whatever the case, and it could be simply faulty memory, this lower jobs numbers and lower markets seems to buck a long established trend.

The Journal however