Apologies for the late post. Still trying to get better from my dental accident.
On Friday we get the July employment picture from the Labor Department. If you look at the labor situation against the stock market record-breaking run up this summer, then you get the picture of a bifurcated America.
As the retail sector sheds stores and thousands of part-time workers these numbers don’t hit the headline number, since they are not full-time jobs. However, as some of these companies while paring down their headcount, their stocks have price support as expenses are slashed with the closings and firings.
Yes there are pockets of the US doing very well as stock charts move up from the left axis toward the right. New York, Los Angeles and selected hubs of the 1 percenters have been having a field day over the last 10 months since the election. This despite the fact that many of these despise the president.
But look at most of America, there’s a bleak outlook for the future. They put Trump into the White House, but little has changed for the better in their lives. Congress has been stonewalling the administration on any initiatives to help most Americans who have been suffering since 2008.
So Friday we will get 180,000 jobs created, which is not true because it’s based on guesstimates, and the unemployment rate will probably remain around 4.3%. But none of those numbers will affect most Americans, but the top-echelon Americans will make plenty of cash when the market moves higher on the news.
That’s the example of one day inside the bifurcated America we have today.