SNB Announces It Adds Portuguese Bonds To "Restricted List" Days Ahead Of Critical Bond Auction

 

Watch Bernanke's Testimony To The Senate Budget Committee Live

Submitted by Tyler Durden on 01/07/2011 09:37 -0500

Watch Bernanke sweet-talking his puppets in the Senate Budget Committee live and commercial free after the jump.

NSA Underemployment (U-6) Jumps To 16.6%, Highest Since July, And Deteriorating Consistently Since Start Of QE2

 

Debt First, Not Business

Posted: Jan 07 2011     By: Jim Sinclair      Post Edited: January 7, 2011 at 12:15 pm
Filed under: General Editorial

Dear Extended Family,

1. It is debt first, not business that is responsible for currency values and the malaise we are in economically.

2. There will be NO robust recovery for a long time to come.

3. Markets are algorithms versus algorithms as there is no longer what used to be called retail demand or supply.

4. This results in painted charts more akin to patients in a mental ward.

5. All this employment improvement hype is just that and seasonally adjusted.

Please review the following:
Regards,
Jim

Click chart to enlarge


Here’s The Most Bizarre Number From Today’s Dismal Jobs Report Joe Weisenthal | Jan. 7, 2011, 8:39 AM
So despite the weak headline jobs-created number, the unemployment rate fell pretty markedly to 9.4%.
The easy answer there is that, well, unemployment is a function, also, of the size of the labor force, and it could reflect people dropping out of the work force.
And yet, that’s not obviously what’s going on.
The weirdest thing is that U-6 — so-called "real" unemployment — fell pretty sharply to 16.7% from 17.0%. So that’s not the issues.
Anyway, stocks are down, but really not by that much. Perhaps the market smells a rat.
More…

In The News Today

Posted: Jan 07 2011     By: Jim Sinclair      Post Edited: January 7, 2011 at 12:19 pm
Filed under: In The News

Jim Sinclair’s Commentary

You talk about confusion. The simple answer is that there is not going to be any meaningful improvement in employment for a long time to come.
I love the talking heads who made their projections more bullish after the ADP nonsense yesterday.
God save me from the experts.

Gallup Finds Unemployment at 9.6% in December
Underemployment rose to 19.0% in December from 17.2% at the end of November by Dennis Jacobe, Chief Economist
January 6, 2011
PRINCETON, NJ — Unemployment, as measured by Gallup without seasonal adjustment, increased to 9.6% at the end of December — up from 9.3% in mid-December and 8.8% at the end of November.

Meanwhile, the percentage of part-time workers who want full-time work increased to 9.4% of the workforce in December — up from 9.2% in mid-December and 8.4% at the end of November.

Underemployment at 19.0% in December
The increase in Gallup’s U.S. unemployment rate and the worsening in the percentage of part-time workers wanting full-time work combined to raise underemployment to 19.0% in December from 18.5% in mid-December and 17.2% at the end of November.

Implications
The U.S. unemployment picture may seem unusually confusing these days. Gallup monitoring showed a sharp improvement in the jobs situation in November, particularly as companies added holiday workers. However, the government surprised Gallup and most other economic observers as it reported last month that the U.S. unemployment rate increased to 9.8% in November. It appears that the government made a larger seasonal adjustment than was generally anticipated for the month.
More…

Labor Force Participation Rate Drops To Fresh 25 Year Low, Adjusted Unemployment Rate At 11.7%

 

NFP Prints At 103,000 On Expectations Of 150,000 Unemployment At 9.4%, Private Payrolls +113K On Expectations Of +178K, Hourly Earnings Up 0.1%

 

Primary Dealers Scramble To Sell All Recently Auctioned Off Treasurys To Fed

 

Goldman Goes For Broke, Raises 2011 S&P Target To 1,500

 

The Opera Begins: House Starts Debate On Healthcare Repeal Today

 

Are Inverted Chinese Corporate Curves A Harbinger Of A "Hard-Landing" Recession?