Stocks loved today’s jobs report, rising well over 200 points at this writing. But equities may be suffering from a certain irrational exuberance. Yes, nonfarm payrolls rose by 163,000 in July. That’s better than the prior two months and probably signals no double-dip recession -- at least for now.
But there are a lot of negatives in this report.
For one, the small-business household survey dropped 195,000. That’s what drove the unemployment rate up to 8.3 percent. These two factors virtually cancel out the better-than-expected rise in nonfarm payrolls.
By the way, the labor force shrunk...
- Boehner accuses White House of sabotaging Veterans Affairs bill Noah Rothman Jul 24, 2014
- NFL suspends Ray Rice for two games in domestic-assault case Ed Morrissey Jul 24, 2014
- Great news from Hillary: The Russian reset worked Allahpundit Jul 24, 2014
- Thursday TEMS: Duane Patterson, Daniel Garza, Mike McFadden Ed Morrissey Jul 24, 2014