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So, Friday was “jobs” day. The first Friday of every month brings us the “non farm payroll report”. This piece of data is watched by every market participant, because the labor data is correlated to monetary policy such as interest rates.
The Fed’s have been sitting on their pedestal telling us how wonderful the recovery is and that the labor markets are so hot that they’re worried about overheating. For months now they’ve had a smug attitude about how many jobs there are, and that their monetary policy has indeed saved the world.
Death of an Age
Over the course of history there’s been many “ages” that we speak of. The Dark ages, the Bronze age, the Industrial age all come to mind. And as time marches on, one age passes into obscurity as a new age dawns. This has been the natural way since man first started finger painting on cave walls thousands of years ago.
I’m not sure we’re experiencing the death of an age so to speak, but more like that of an era. If you polled a group of people, they’d probably suggest that the global economy is still trying to recover from the great financial implosion of the 2007 – 09 period. I however have a slightly different take on that. I tend to believe than an entire “era” of economic expansion has run its course, an Era that started more than 30 years ago.