Yesterday I was watching Bloomberg television to escape the novel I was writing. Things were bad, with the unemployment rate rising and new job creation absurdly low. I listened to two different experts interpret the data:
One man said that you had to realize that the winter was warm and therefore the data is distorted because a lot of new employment was created in earlier months.
The next man pointed out that not only was job creation in May very poor, but March and April had both been revised downwards. In other words the results for labor creation in the two months before May were lower than the government had originally said they were.
It is this kind of manipulation by individual analysts which so distorts the true economic picture. People are running away from stocks in droves. The interest rate on the 10 year treasury is the lowest in history.
People are scared because they don't trust Wall Street. Given what these experts opined it seems like a perfectly rational response to me.