J.T. ... I happened to turn the sound on CNBC just now, which I almost never do ... and a thought came to mind:
Where did all of these "talking-male-heads" on CNBC ... the announcers, guests and especially brokerage house commentators and writers learn how to lie so flagrantly, easily and believably ... I did not know there were courses in such behaviors in our MBA programs across America.
... an example using "The Wall Street Journal" this morning ...
February 7, 2003 9:08 a.m. EST
Unemployment Rate Declines Amid Sharp Rise in Payrolls
WASHINGTON -- The unemployment rate unexpectedly fell last month as payrolls jumped by the biggest amount in two years, suggesting that the ailing labor market may finally be stabilizing.
The unemployment rate fell to 5.7% in January from 6% the previous month, the Labor Department said Friday. Nonfarm payrolls increased by 143,000 jobs -- the largest rise since November 2000. That partly reversed December's 156,000 revised drop, which had first been estimated as a decline of 101,000 jobs.
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Notes I have added:
(1). With the negative revision for December, net job growth for December-January is negative 13,000. But no focus on that from the media.
(2). Does anyone seriously believe that the unemployment rate is anywhere near as low as 5.7%? ... unfortunately, this will be abundantly clear before the new leaves fall from the trees this November.
(3). Part of the truth of what investors really believe will show in how the Dow, Nasdaq and S&P close today. My bet is we will finish with negative numbers.
Ken |
