Although the headline number for job creation was below expectations, this was still a decent report. Some positives include more wage growth (see below), fewer part-time workers for economic reasons, fewer long-term unemployed, and a decline in U-6 (an alternative measure of underemployment).
A few numbers: Total employment is now 5.5 million above the pre-recession peak. Total employment is up 14.2 million from the employment recession’s low.
Private payroll employment increased 171,000 in April, while government employment declined 11,000 in April, mostly at the Federal level. Private employment is now 5.8 million above the pre-recession peak. Private employment is up 14.6 million from the recession low.
Jamie Dimon, CEO of JP Morgan Chase, got Rock Star treatment on Capital Hill the other day. I really didn’t mind the wet kisses that were handed out. Okay, really, I did mind. It was as if the financial industry, including Mr. Jamie Dimon, didn’t cause the financial collapse of 2007/2008.
The crappiness of Jamie Dimon’s answers cannot be understated. When you add stupid, undereducated and misinformed questions you have the soup of absolute nothingness. The hearing was a huge waste of time. The purpose of the hearing was to figure out exactly what went wrong in this $2 billion loss that J.P. Morgan Chase took on a single trade deal. Since J.P. Morgan Chase is a bank and an investment house, we, the American people, ensure their survival. Basically, we are underwriting their risky bets. This is the whole reason for calling him to Capitol Hill. Yet we got nothing. No answers.