Nouriel Roubini on Poor Jobs Report: Deep Ugly Swamp

Jul 8, 2011
J. Webster
Comments Off on Nouriel Roubini on Poor Jobs Report: Deep Ugly Swamp

Who do you go to when there’s gloom? Why Dr. Doom of course. What with the jobs report showing only 18K new jobs, when all the economists were saying there would be at least 60K new jobs reported, at a minimum. It’s a good time to see what Mr. Roubini has to say about the economy. Here’s his latest tweet:

@Nouriel Nouriel Roubini
Labor market in a slump dashing the hopes that this is a temporary soft patch. It is rather a deep ugly swamp

Yes, his new phrase it seems is ‘deep ugly swamp’ to characterize the economic outlook for the United States. He’s also calling for a crisis in 2013. No, he’s not saying there’s going to be a rapture or anything, just a perfect storm of negative factors that will push the world economy into another crisis.

Who do you believe the doomsdayers or those who see green shoots or some light at the end of the tunnel?

If you’d watched CNBC late yesterday you would have thought the jobs report was going to shoot past the economomists projections. Maria Bartiromo was giddy in anticipation. Throwing out numbers like a 180K increase in jobs. But she’s always pretty giddy. That’s her job. Of course you’re not basing your stock picking decisions on what a CNBC anchor says. Hopefully not.

The question in the stock market world is always who do you believe? It seems like it’s getting increasingly more difficult to believe anyone. If you listened to Roubini you’d probably never by a stock again in your life. What seems true, and what many are now saying, is there’s a structural change going on in the job market, meaning that only more education, training, and innovation will lead to job growth.

Related Posts Plugin for WordPress, Blogger...

Comments are closed.