The Best of Kass
Among his posts this week, Kass explained why Friday's employment report wasn't so rosy and why investors' preoccupation with Apple is reaching mania levels.
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Originally published on Friday, March 9 at 1:06 p.m. EST.
Two things struck me in the jobs report when I parsed through the data.
- The average workweek was unchanged.
- More importantly, average hourly earnings rose by only 0.1% (month over month).
The second point seems to me to be a statement that those jobs that were added this month were low-quality and/or largely a function of lower-wage temporary workers.
Indeed, that is precisely the case.
Of the 227,000 net jobs added in February:
So, temporary workers, waiters/waitresses/bartenders and teachers were responsible for almost 70% of the job growth last month.
Maybe I am negative data-mining (as I am net short!), but I simply don't see this sort of quality of job creation as a solid foundation for the domestic economy.
More Fast Times at 'Fast Money' High
Originally published on Thursday, March 8 at 11:44 a.m. EST.