Jan

16

Many current anecdotes are being heard on main street now of people bailing in panic, pessimism and fear, liquidating accounts to cash. Today's ( 1/16 ) flushing action reflects near August flush out prices. 16% down from highs is close to 20% bear when complete flush out is done. Typical of bottoming psychology. Yesterday's NYSE down volume exceeded 1.6M. Old Codgers starting to be seen hobbling about. Mumbly peg anyone?

"She was practiced at the arts of deception. I could tell by her blood stained hands"

From The  Rolling Stones, You Can't Always Get What You Want.

East Sider adds:

The headlines will read "weak Tan Book ", … but:

"Reports suggest that labor markets remained relatively tight overall, and especially for skilled workers…

BOSTON: "Manufacturers continue to adjust their U.S. headcounts only minimally. Average wage and salary increases are expected to remain in the range of 3 percent to 4 percent, but some firms employing mainly high-end technical workers are planning somewhat higher pay raises in 2008 than in 2007….

NY: "Manufacturers continue to adjust their U.S. headcounts only minimally. Average wage and salary increases are expected to remain in the range of 3 percent to 4 percent, but some firms employing mainly high-end technical workers are planning somewhat higher pay raises in 2008 than in 2007….

RICHMOND: "Fifth District temporary employment agents continued to report generally strong demand for workers in recent weeks. Contacts in Raleigh, N.C., and Richmond, Va., told us that labor markets in those areas remained firm, driving demand for temporary workers, while an agent in Hagerstown, Md., said demand had waned a bit since our last report. Warehouse, customer service, sales, and general computer skills were among the most highly sought over the past six weeks….

ATLANTA: "The demand for workers in some sectors continued to be quite strong through the end of the year. Steady demand was reported for workers in the healthcare, insurance, and energy sectors, while engineers, particularly in petrochemical fields, were in high demand. Hospitality workers were said to be hard to find in areas experiencing strong tourism activity. Housing-related industries continued to trim payrolls….

CHICAGO: "contacts cited union wage increases in the construction industry as a factor boosting building costs for new homes and a staffing firm reported that their clients were willing to accept higher prices in exchange for greater flexibility in the duration of employment contracts….

MINN: "Labor markets were stable with continued tightness in some areas. Bank directors noted a strong challenge finding qualified labor for skilled and unskilled jobs…

KC: "The number of hiring announcements significantly outpaced layoff announcements…

——

These are admittedly cherry-picked quotes, but they show the inflation tripwire buried lightly in the sand of "world to end, film at 11" headlines that are driving our masters in Washington to cobble together a turn of the ratchet clothed as "stimulus".


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