And the fake job’s number is…?

Fake job’s number is out! Life is better. Things are better except at first blush, over 400,000 left the workforce in the past month. The fake rate is now 5.3%. The problem is that since this administration took office, the labor participation rate has crashed…enabling the rate to come down. If you added back all the supposed people that have left the workforce, we would be in the 8.5-9% range. But government would never fix the numbers so we need to believe exactly what they tell us. Just keep in mind, in a real employment recovery, the participation rate goes up, not down, as more people are more confident in looking for a job. And by the way, when I queried the labor department to get the list of people who left the workforce, they said there was no list. I then asked to give me the names of 5 people who left the workforce. They could not give me any names.

Futures are up as the market continues to recover from the early week’s nausea but leave no doubt, more deterioration has occurred. We will have a complete report over the weekend. Enjoy your July 4th.