January employment: droopy A few words on the employment report for January. As I always point out when doing these reviews, the monthly employment release from the Bureau of Labor Statistics is based on two very large surveys, one of 300,000 employers, called the establishment survey, and one of 60,000 households. For more, see here.) And as I often point out when doing these reviews, the numbers are not cooked, as many conspiratorial sorts want to believe. You might take issue with some of their definitions, particularly of unemployment, but the work… Read More
Those market worries about Egypt yesterday? History! The Financial Times reports that “Investors return to risk as Egypt fears ease.” Today is, as they say, a “risk-on” day. Why are market participants seen as rational evaluators of anything? My five-year-old is more emotionally stable than your average trader.