Happy Days Are Here Again!

This morning's jobs data shows 345,000 jobs lost in May. On this wonderful news, the stock market has rallied while precious metals have tanked.

What a crazy world!

Speaking of unemployment figures, the "official" data is that we are running around 8% unemployment. But unknown to the public, that figure does not include people who have been out of work for more than a year. The government's logic in excluding these workers is that if you are out for more than a year then you are no longer looking for a job. Gee, that makes sense. (I am currently rolling my eyes to signal my disdain for this logic.)

In a May 16th piece by Bob Hoye of INSTITUTIONAL ADVISORS entitled Great Depressions Are So Methodical, notes that a year into the Great Depression, unemployment figures were 8%. Eventually they reached 25%. Let's hope this correlation doesn't hold true, but the fact is, history always repeats itself, only this time it will likely be worse, due to the fact that our "true" unemployment numbers at this stage are estimated to be between 12% and 15%.

Anyway, I just wanted to share this delightful information with you heading into the weekend so that you will at least have a legit excuse for your drunken revelry and frolicing for then next two days. Which reminds me, if we ALL drink and party more, this should really help the adult beverage manufacturers, which in turn could add a substantial amount of jobs to the payroll.

Hey, problem solved, BY ME! And just think, all that intelligence after only 5 years of college.....mostly spent at Tiger Town Tavern enjoying dollar a pitcher happy hour.

Gee, I really am onto something here.

Have a nice weekend!