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December 3, 2010 – 6:01 pm

Where are the jobs? This morning the official report showed a growth in jobs of only 39,000 when expectations were for 150,000. That was very disappointing and it shows you how wrong the experts can be when estimating all economic statistics. I have a feeling that the 39,000 number is going to be revised upward. In looking at the data it showed a fall in retail jobs of over 20,000 while retail sales for November grew 10% as the holiday season kicks off. It just does not seem right.

The week was full of data and almost all of it was good. Do not mistake me, they were not great numbers but overall it showed continued slow growth with maybe a slight pickup in speed in growth. Consumers are starting to open their wallets a little. Why is that happening? It might be fatigue; we will call it ‘saver’s fatigue’. The consumer has been deleveraging, refinancing to lower mortgage payments and saving money for well over a year. They are tired of not buying, thus my term ‘saver’s fatigue’. We might just get a very good Christmas season for retailers. People want to buy things. Americans like to spend. They have come back from the brink of being fatally over leveraged and over indebted to a point where they feel they can start spending again. It’s just a start but a good one.

I am rather proud of my term ‘saver’s fatigue’. I wouldn’t be surprised if someone else already came up with it.

Good Trading
Steve Peasley

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