by Miguel Perez-Santalla
In the absence of real jobs growth, monetary largesse is set to continue...
Last week's unemployment figure for the US showed an uptick to 7.9% - not a significant change.
This was offset by revisions of job growth in November and December of 2012 that equaled nearly 250,000 jobs.
It is a very positive sign of course, but wait one moment. The participation rate was adjusted again for that same time period. And by taking a quick glance at the participation rate, it would indicate a number greater than those who just started working, stopped looking for work.
So is this really growth? Not so clearly. I think we are seeing stability with a trend to grow, perhaps. But the rosy picture painted by most talking heads last week shows conviction in quite a different story.
Of course we also have ...