The problem with tanking equities lies elsewhere, writes Michael Ivanovitch, because traders see no end to America's unfolding trade disputes with Europe and China.
A fully-employed U.S. economy, operating above its noninflationary growth potential, needs no further help from a monetary policy running negative real short- and long-term interest rates.
I felt like wiping the floor with him, but gulping down my drink, I thought again how low a once revered profession of "worldly philosophers" had fallen. The ISM also reported that the index of manufacturing activity last month remained in the positive territory, while staying on a downward trend for nearly three years. The manufacturers' employment grew, customers' inventories were too low and prices decreased at a faster rate, the index showed.
Things get worse and uglier if you consider that only 63% of the U.S. civilian labor force is in the labor market, while 96 million of Americans are wasted resources.With all those caveats, it seems that jobs are plentiful, with some sectors of the economy, such as retail trade and public administration, reporting labor shortages.
China looms large in the U.S. trade picture owing to a systematic and outsized trade surplus on American goods trade, running at an annual rate of $334 billion in the first six months of this year.
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