In this week’s Off the Cuff with Mish & Chris podcast, Chris and Mish debate:
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Chris Martenson: Welcome to off-the-cuff with Mish and Chris where we talk about the events of the week that caught our attention informally and without a script. I am, of course, Chris Martenson, proprietor of Chris Martenson.com and Mike or Mish Shedlock is founder of the blog Mish’s Global Economic Trend Analysis, as well as partner at Sitka Pacific Capital. Welcome, Mish.
This is another edition of off-the-cuff and if I were going to title this one, it would have to be “Doesn’t Add Up.” There are all kinds of things out there that I am looking at today that just do not add up. There is economic data, which I consider good and hard. It is not really squaring up with a lot of other data, mainly survey data. On the one hand, things look like they are recovering in the survey data. On the other hand, you get hard data and it says the opposite. What are we to believe?
Mish Shedlock: Well, that is just it. I mean, you can look at… The one hard number that did come in is the ISM number. The employment number on the ISM number did come in good and perhaps that explains the payroll number last month. That is the payroll establishment survey number. It certainly does not explain the unemployment rate. Even Bernanke was talking about that today, saying that 8.3% understates labor weakness and boy, does it ever understate the labor weakness.
