The August Employment Report came out this morning showing that no new jobs were added. As my good friend Josh Brown put it, “No Hay Trabajo Aqui”. The unemployment rate stayed constant at 9.1% in August. But what I think makes things worse is how long that unemployment actually lasts. The average duration continues to rise and is now nearly double the level reached following the 1981-82 recession:
Meanwhile, bullish sentiment has improved for the fourth straight week. According to AAII’s weekly poll of investor sentiment, bullish sentiment has gone up every week since S&P downgraded the AAA debt rating of the United States. Interesting right?
There is a little food for thought for the long weekend. Have a happy Labor Day!