Jobless Roles
Everything went sideways today, with stocks showing an upward bias most of the day.
Bonds were the single thing that jumped. The 10 Year Treasury interest rate increased by 0.19% – and enormous increase.
In the news today…..
Inflation – if you are interested in seeing the cause of inflation, and what’s coming toward us, click on the following link. It was provide by one of our smarter readers.
http://www.usdebtclock.org/
Jobless Roles – dropped sharply to 6.7m people. Why would this number drop?? Well, people can only stay on the role for so long, and then they drop off. Did they get a job? Probably not. This is a great example of why you really can’t believe some of the statistics coming out of the government. This number is probably the most political of all numbers, and is the reason that Obama is dropping in the poles right now – it’s all about jobs.
Payroll taxes – fell 5.1% year over year. This is reported daily from all employers to the Treasury. What’s caused this massive drop? Well, it’s job layoffs and people making less money. One interesting note about what the government is telling you is that the savings rate, as calculated by the Bureau of Economic Analysis (the government), is reported as very positive, but in reality it is actually negative. The BEA does NOT look at the payroll taxes to determine the amount of money being earned in the US – so it’s not calculating reality too well. Just another lesson that statistics can sure lie.
Home Mortgages Rates – fell from 5.59% last week to 5.38 now. That’s a 0.21% fall in rates, and shows the relationship to the 10 Year Treasury Note. However, with today’s jump in Treasury interest rates, you can count on this jumping back up next week.
Here are the last numbers for today:
Dow Jones 30 Industrial – 8556 (up 58 points)
10 Year Treasury Bond – 3.83% (up 0.19%)
Euro – $1.3891
Gold – $935 (down $1)
Oil – $71.45 (up $0.42)
Gasoline $2.03 (no change)