The stock market was down today, but it’s still trading at record highs. The mainstream financial media will tell you it’s because the market is anticipating a robust recovery as the economy continues to reopen and vaccination numbers grow.
But don’t buy into the happy talk that all is well with the U.S. economy.
The unemployment rate has indeed dropped. But initial unemployment claims are on the rise again. That’s a trend that will show up as weaker job creation in the months ahead.
The declining headline unemployment rate ignores over 10 million able-bodied Americans between the ages of 25 and 54 who don’t have jobs but are not counted as unemployed because they haven’t looked for a job recently.