It is an election year. In addition to the distorted economic "analysis" offered by the ever-cheerful stock market channels, CNBC and Bloomberg, political interests will add their garbled gabble all year long. Today's reports of 200,000 new jobs in December and unemployment down from 8.7 percent to 8.5 percent were greeted with happy bugles from the usual suspects. Ignore that, and watch the markets themselves. Interest rates rise on legitimate good news; today's 10-year Treasury-note yield has fallen to 1.94 percent, and mortgages are near 4 percent again. The stock market rises on good news, and today it is flat to down. The addition of 200,000 jobs is good news, but year-over-year earnings have risen only 2.1 percent. A few are back to work, but it's not the job tha...
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