David Stockman breaks down the jobs numbers. Key Excerpt:
"Specifically, the Great Recession resulted in the loss of 5.7 million or 8% of all breadwinner jobs in the US economy. As is evident in the graph below, all of the gains since the recession ended in June 2009 are born-again jobs, representing barely half of the original loss. The truth is, the American economy still had nearly 3 million fewer breadwinner jobs in September than it had at the 2007 peak and almost 4 million fewer than the high water mark back in 2001.
A decade and one-half of rampant money printing—-during which the Fed’s balance sheet exploded from $500 billion to nearly $4.5 trillion or 9X—-has thus been no blessing whatsoever for main street households, even as Wall Street has been gifted with opportunities to scalp prodigious windfalls from two giant financial bubbles."
Good write up by David Stockman. Read the article here:
"Inside September’s “Born Again” Jobs Report"