Mediocre Is The New Perfect

"Three things happened this morning: The Labor Department reported a big jump in employment; the financial markets responded like kids on Christmas morning; and — with a few hours lag — level-headed analysts deconstructed the jobs report and found it to be mediocre at best.

To take just a few of the high (or low) points:

• Americans are still leaving the labor force
• Most of the new jobs created are part-time
• The vast majority of those are in services, which is to say waiters and bartenders and such
• Most new hires are over 55

For readers who want the whole depressing story, consider the following from Mish’s Global Economic Trend Analysis and Zero Hedge, which can generally be relied upon for this kind of quick-turnaround debunking of government pronouncements:

Employment Report Much Worse Than It Looks

Americans Not In The Labor Force Rise to Record 93,194,000

In April There Were 26 Waiters And Bartenders For Every Manufacturing Job Added

Payrolls Pump Deja Vu All Over Again

Old Workers Hit New All-Time High As All April Jobs Go To The “55 And Older”

Money managers can of course do this analysis and reach the same conclusion, which is that the US labor market remains a mess, with a predominance of old and/or low-paid service drones where well-paid factory workers and bankers used to be. So why did the financial markets pop on this news?..."

at http://dollarcollapse.com/monetary-policy-2/mediocre-is-the-new-perfect/