The new labor numbers are out and I have to admit, I am a bit stunned.
For the second straight week, jobless claims fell.
This was not how I saw the end of the summer wrapping up.
Three weeks ago, numbers started to go in the wrong direction and it looked like they would continue that way.
That is the pattern when summer jobs start to dry up.
Jobless claims ended up falling by 2,000 claims, however, giving Joe Biden an unexpected boost.
All was not well, however, as the four-week average rose by 1,500, so there could still be a storm brewing here.
While these numbers were unexpectedly positive for Biden, consumer prices were another story.
Pricing continues to surge, with July numbers up 8.5 percent from last year.
The Fed continues to hammer interest rates to slow things down, but it has not really helped as of yet.
It will probably take a few months, but the massive spending packages by Biden this month will eventually fuel a recession.
Strong job numbers aside, until we see a significant drop in consumer pricing, we are just sitting here waiting for the other shoe to drop.
Source: New York Post