Latest Blog: Mismatch - 03/20/2023
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Investment Insights are written by Angeles' CIO Michael Rosen
Michael has more than 30 years experience as an institutional portfolio manager, investment strategist, trader and academic.
JOBS, JOBS, JOBSPublished: 02-06-2015
The US economy is stronger than we think: 257,000 net new jobs in January, but another 404,000 jobs were “found” (due to a recalculation) in November and December. More than 140 million are currently employed, a record high (see Chart below).
The unemployment rate is 5.7%, but if we include part-timers and discouraged, that percentage rises to 11.3%. Way too high, but making progress (see Chart below).
One of the details in the data is the number of people quitting their jobs: 9.5% of the unemployed quit their jobs, the highest percentage since 2008. This is a datum only a wonk (or a Fed Chair—Janet Yellen has singled out this number as particularly meaningful for her) could love, as it presumably shows a higher confidence among voluntary quitters that they will find another job.
There’s always lots of noise in the data, but the US economy, if not humming, is certainly chugging along.PRINT THIS ARTICLE
Distortion or Reflation? 05-21-2015
A month ago, Germany could borrow for 10 years at a rate of 0.06%. Lenders were also happy that day to earn 0.47% for ...READ MORE
Beginning's End 06-23-2015
In November 1942, with the Battle for Egypt under way, Winston Churchill addressed his nation with these words:Now this ...READ MORE
Non-Zero Sum 02-17-2017
There are prominent voices (and tweets) urging us to pull back, dig in, and lock the gate. This rising chorus of ...READ MORE
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