It has been some time since my morning reading has portrayed such optimism. Aside from some upset Republicans spinning the labor report to match their political aspirations, the news has turned on a bright light among the economists that I read this morning, and the reason is that hiring came across the board, in every category. Some 70,000 white-collar jobs, some 50,000 blue-collar jobs, and some 45,000 service sector jobs. As well, the expected layoff of many of the holiday-season workers did not occur. The general tenor of optimism also comes from the news that some 200,000 more jobs than previously reported were added in 2011, bringing the total for 2011 to almost twice that of 2010 and …
Americans spent more at big chain retail stores last month compared with a year earlier. And automakers began 2012 with a strong sales gain in January.
Okay, no need to reign me in. I am just riding the rush of most everyone else singing my song for the first time in a long time- “It is not all bad out there in the big bad/good world.” And no need to think I am now blind as to the reality of events out there either. Even though I am doing a little Irish jig on my keyboard, I understand the world is still moving on, and that means the problems associated with Iran and Europe could blow up anytime causing the momentary euphoria to evaporate like a drop of water in a hot pan. I understand as well the U.S. economy has a long way to go before it leaves the hospital. Oh, man, do I understand this.
But for now, I will enjoy the almost unanimous glow of today’s January labor report, as I suspect this hefty piece of good news will not happen again for a while. How’s that for adding just a little dose of pessimism to the ebullient morning? You see, I am changing. I am teaching myself to see it all, to pull all in, to not constantly pick on the breathless media and blame it for most of the confidence ills consumers have, as well as hyping the bad to sell the news and … “Shhh … Take a breath. Stay with the goodness.” Thank you oh great voice-in-my head. I am okay now. Phew! That was close.
Anyway, speaking of Europe … In 10 days I will be sitting in an apartment on the Mediterranean coast of Spain about 90 miles (150 kilometers) above Barcelona. For at least three months, I will exist in the hotbed of political/economic unrest we all know as Europe. I will experience firsthand the plight of Spain (the highest unemployment on the continent) and the general political/economic reality for all of Europe. I will be there when the new accord is either accepted or rejected in March, and I will experience either the relief or the pain of those who live there permanently.
Hey, guess what? You all are coming with, in a manner of speaking. My intention is to write in this column about what is happening there, and, occasionally, I might sneak in a bit about my own adventures, as I plan to have some when I am there. So, stay tuned in, as I change from this channel to that channel and the airing of the show changes slightly as well.
In the meantime, I look for the market to keep chugging along, especially if no geopolitical bad news thrusts itself into the consciousness of the market. Oh, and if the market holds on to the highs of today, I expect the high of 2011 will be taken out, and if that happens, the market techies and the perma-bears will have something to consider.
Trade in the day – Invest in your life …
