The United States economy is enduring a phenomenon not witnessed since 1933 — during the hellsent deeps of the Great Depression.
Is it a frightful omen of lean times… a straw swaying in the wind… a looming menace?
We do not know. Yet we hazard it rates an inquiry.
An inquiry, incidentally, the mainstream financial press will not afford it.
What is it? Answer anon.
Let us first direct our gaze briefly to Wall Street…
All Eyes Are on Friday
After a series of defeats, stocks rediscovered their courage today. Each of the major averages reclaimed lost earth.
The Dow Jones Industrial Average advanced 63 points. The S&P advanced 36 and the Nasdaq Composite advanced 193 points.
Yet investors have their eyes on the morrow.
That is when the Bureau of Labor (Misapplied) Statistics issues November’s unemployment data.
Explains CNBC:
Economists polled by Dow Jones expect that 190,000 jobs were added in November, a step up from the prior month. Investors are hoping for signs of cooling in the labor market, leaving the Federal Reserve comfortable with its decision to halt interest rate hikes.
“The market has more than likely gotten ahead of itself in forecasting rate cuts for early next year,” said Alex McGrath, chief investment officer at NorthEnd Private Wealth. “The jobs number tomorrow could dump an ice bath on sentiment.”
An ice bath indeed.
Meantime, gold yielded back $2.20 today. The 10-year Treasury yield slinked slightly forward to 4.129%… for what it is worth.