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a macro straw in the wind?


link01
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<<First, the "jobless recovery." This has become the most common and perceived wisdom on earth. I question it, because, as my friend Michael Cembalist points out in his vital Eye on the Markets publication that I get as a client of JP Morgan, "the gap between manufacturing orders (high) and inventories (low) a predictor of goods/labor is at its highest level since 1975." Given that scenario, I cannot continue to believe that employment will stay low. That inventory differential is remarkable, just remarkable, and I cannot risk denying it. You have to incorporate the supply and demand in your thinking. It could lead to monster GDP growth and very big hiring.>>

 

i'm not going to say where this came from cause the messenger is a well known knuckle-head market commentator. but he's only quoting someone else, who may or may not be a knuckle-head. in any case this is the sort of data i wish i could see for myself, as a counterpoint to the pessimistic stuff i read at sites like pimco, where there is no doubt about the credentials of the principle analysts.

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