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Eurodollar University’s Making Sense; Episode 35; Part 2: This Again

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Jeffrey P. Snider writes Eurodollar University’s Making Sense; Episode 100, Part 1: For Our Hundredth, What Else Would It Be? INFLATION

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Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, addicted to Jolt Cola pop. Artwork by David Parkins.


35.2 Plummeting Unemployment Rate a Mirage (again)
America’s unemployment rate plummeted from 14.7% to 6.9% in six short months! But it’s the same 2010-15 mirage. Even the Federal Reserve doesn’t believe it – that’s why they edited away the idea of “full employment” in August 2020.


00:05 The Establishment Survey / Payroll Report delivered good HEADLINE news about employment
01:54 The Household Survey produced even better HEADLINE news about the unemployment rate
04:02 The V-shaped recovery of the unemployment rate is a MIRAGE, a feint – just like before
07:11 FRB/US is a large-scale estimated general equilibrium model of the U.S. economy
08:16 FRB/US informed the Yellen Fed in 2015 that full employment had been reached – nope
10:23 The Fed lowered the “full employment” rate a DOZEN times between 2015-19 – bananas!
14:04 Does the Job Openings and Labor Turnover Survey agree with the good unemployment rate?
16:46 Jay Powell is asking for fiscal help – which makes sense – but implies QE isn’t a cure all


Good Payrolls Still Say Slowdown:
Slowdown In The Rebound; Stop Listening To Central Bankers:
QE Didn’t JOLT (again):
Alhambra Investments Blog:
RealClear Markets Essays:


Jeffrey P. Snider
As Head of Global Investment Research for Alhambra Investment Partners, Jeff spearheads the investment research efforts while providing close contact to Alhambra’s client base. His company is a global investment adviser, hence potential Swiss clients should not hesitate to contact AIP

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