Jeff Cox things Janet Yellen is too sanguine about the real jobs picture:
Yellen more or less dismissed the December and January reports as not indicative of underlying strength in the economy. The reports showed job creation of 75,000 and 113,000, respectively—well below economist expectations and flying in the face of belief that the economy is poised to show a significant rebound in 2014.
Some highlights—or lowlights, as it were of the ConvergEx breakdown:
• December was the worst month for job creation since August 2012, registering less than half the previous six-month run of growth between 150,000 and 200,000 jobs.
• Layoffs hit a four-month high of 109,000, about the same as the same period in 2012 but breaking a three-month streak of improvements.
• Employers hired fewer workers than any month since June.
One final note: What Colas calls the “Take This Job and Shove It” indicator also showed trouble, as the number of people who left their jobs voluntarily—a sign of confidence that better opportunities are elsewhere—dropped 1.7 percent.
For me the question isn’t should the Fed taper or not. The question is, How do we taper the Fed out of existence?
Seriously. I’m looking for solutions on how to unwind a $4,100,000,000,000 balance sheet and eliminate the central bank.