Bruce Merrifield

Today's Market Performance

Excellent compilation of data! You paint a much more accurate picture of the real U.S. economy than the media mis-reports. Current jobs data are consistent with about a 2.0% GDP for the second quarter and the first quarter GDP will pobably be bumped up again. (Aftertax corporate profits of 5.6% in the first quarter were the highest ever as is cash in corporate treasuries). Thanks for the real data.,

Bruce

Bill Gross: U.S. Already in Recession

Wishful thinking won't make it happen....

Jobless Claims Not in Recession Territory Yet

The U.S. has about 30 million incorporated businesses (up from 4.6 million in 1982) of which about 98% have less than 100 employees. The payroll data come from large companies which now account for only about 1/3rd of the U.S. GDP. Small business account for a rising 2/3rds of the GDP. But this is where the new jobs, new innovations and new household wealth are generated ($59 trillion up from $3 trillion in 1982, and up another $3 trillion in 2007) Since 1982, the U.S generated about 90 million new jobs, most of them in these small businesses, while losing about 40 million in downsizing and restructuring a whole bunch of famous corporate names. Our Labor Department data are no longer accurate, and the Europeans call this entrepreneurial revolution the "American Miracle."