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In the news this week were Jerome Powell, head of the US Federal Reserve speaking on Monday and today’s employment report for August.
Powell said that there was no set timeline for interest rate cuts. This initially dropped the equity markets and the metals markets. What has happened since then? The equity markets have continued to decline and the metals markets are higher than before he spoke. Did you buy the dip???
Today’s employment report from the Labor Department was better than expected with the unemployment rate dropping to 4.1% from 4.2% in July with 254,000 jobs created.
Who is the Acting Secretary of Labor? Julie Su. Who is Julie Su? Before going to work for the federal government she was the head of the California Labor and Workforce Development Agency which oversaw unemployment claims and had $31 billion (yes, b as in billion) in pandemic fraudulent claims paid. Her federal government job is the Peter Principle at work (rising to a job above your level of competence).
Do these employment report numbers seem suspicious to you a month before the presidential election with Julie Su as Acting Secretary of Labor who recently had year over year employment numbers reduced by 800,000 jobs? I will leave that up to the reader.
Until next time…
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