Unemployment Jobs Data Disappoints
The release of the US unemployment data for August was a major surprise to all of the “expert analysts” and economics who had guessed at a consensus plus 100,000 figure. The experts were not looking so smart when the actual figure was announced at 8:30 AM on September 7th at minus 4000.
Unoh, maybe the sub prime mortgage housing loan debacle has some drag on the economy after all. With home foreclosures reaching record levels should anyone be suprised? I think not, but you can not trust the so called experts and talking heads, many whom are on the take and will talk about all the great buys out there all the way down.Â
The US Dollar and stock market got clobbered on the news. The stock market was under pressure all session and finished down 249.97 points on the Dow. The all important USD/YEN foreign exchange rate sold off from about 115.40 prior to the data release to a bone jarring 113.35 at about 5:00 PM New York time.
The unwinding of the carry trade is underway with a vengeance. This trouble is not over by a long shot. You should immediately fire any financial advisor or stock broker who tells you not to worry. The real trouble is just about to get underway.
Cash and gold are on their way to becoming king. Don’t be late in protecting yourself from the coming financial storm.
