The offset to that is, typically, revisions to the Jobs Report have acted to reduce unemployment levels. This is one of the few revisions that increased it. When you consider March was the start of the war, many people would not find a downward revision surprising.
Not for nothing, there is little that the gov't can do to "play" with these figures, without outright fixing them so they are wrong. The spin isn't really useful from a PR standpoint because whatever the gov't says with regard to the figures will get filtered out when economists review the data.
Hence, Greenspan's cautionary notes the other day.
The "pump" is just part of the rollover effect from money leaving various commodities (gold, oil, etc.) and shifting into equities. That is slowly ending.
Still, the markets look like they have found a bottom, for the time being. In the near term, they should likely rollover and over. This will be, in all likelihood, a very similar market to the 1970's for the next few years. |
