The Sky’s Falling

Unfurl your "Sky Is Falling!" banners. Dredge up your best recession hyperbole. And most importantly, post a zoomed-in chart with a truncated y-axis on Twitter (sorry, "X") along with a cheap punchline: "Nothing to see here" always works. Jobless claims in the US rose to the highest since August in the week to May 4, Thursday's sole, lonely macro release showed. 231,000 overshot consensus by a mile. Economists expected 212,000 from the headline. Apparently, the increase was in part attributa

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7 thoughts on “The Sky’s Falling

    1. Apparently, last week’s increase was due in part to NY school bus drivers. Or something. I added some additional color to the article.

  1. It appears things are a tiny bit slower. 1 week of claim figures has so much noise it is barely worth note. This is a slow week for releases so lots of commentators have to focus on data like this. Next week on the other hand has some important releases. That’s when I will pay more attention. I think the BOE commentary and information is significant though.

  2. Replacement cost.

    Apparently, it’s harder to replace a sell side analyst or Wall Street economist than it is to replace a teacher or fire fighter or bus driver – at least, to the standard/credentials a Wall Street bank will tolerate.

    Meritocracy never had anything to do with it, unless you consider the ability to get the kind of credentials it takes to become a Wall Street sell side macro opinionator the meritocratic process (not entirely untrue but not what eco theory says is the justification for differences in compensation)

    1. Do you know many Wall Street economists? You could replace them with the Chuck E. Cheeses animatronics band and you’d get better results and a better office vibe.

      1. I don’t so I’ll take your word for it… 🙂

        Maybe we should talk to the bank CEOs… seems like there’s some savings to be made…

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