We call it a jobless recovery for good reasons. Perhaps there is a crucial threshold. What would it be, unemployment at 15%, 20%.
The consumer is at the center of the Main Street economy, and the US is still at the center of that world economy. On the other hand Goldman Sachs is at the center of the corporate economy, and multinationals are at the center of the world corporate economy. If I'm choosing who is more powerful, I'm going corporate. That's just the way it is. But clearly there are thresholds, and there is only so much taxpayer money that can get channeled into corporate lifelines.
This is our task. We need to understand some distinctions here, and recognize that the terms are used freely and loosely in the media, by politicians, and by partisans of all types.
Reuters: Payrolls, ISM may steer stocks
...February's non-farm payrolls report from the U.S. Labor Department will be the main event as job losses continue to give investors reason to question the sustainability of the economy's recovery."If that number (February's non-farm payrolls) comes in weak, it really confirms the strong unemployment claims data we've seen. If it comes a little bit better, it would indicate maybe we're creating jobs at a fast enough pace to offset the claims..."
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