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Today's weak labor report will lean on Modern Monetary Theory even more. The public doesn’t even know what that means, or the consequences of it. Calls for more stimulus in the form of go big or go home will echo the halls of Congress as “the solution” that ultimately addresses nothing. Perhaps we’ll all be dependent on stimulus by 2022.
The government reported that the unemployment rate continues to drop, but anyone reading between the lines – really inside the numbers knows the favorable development was generated by a sharp decline civilian labor force participation rate (see below).
Civilian Labor Force
The computer could provide numerous charts defining the fragility of the US economic recovery, but what's the point? US economic data is often revised and massaged so badly, it's of no use for forecasting.
Please watch the latest Economic Activity Composite for a better discussion about the future direction of the US and global economy.
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