Treasury Secretary Geithner said today that U.S. companies scarred by the financial crisis remain “very cautious” and are trying to get more productivity from current employees before hiring new ones.
Job growth is “not as fast as we need,” Geithner said in an interview broadcast today on NBC’s “Meet the Press” program. Employers “are still cautious, still very cautious,” he said. “So they’ve been trying to get as much productivity out of their employees as possible.”
Earlier this week Fed Chairman Bernanke made the comment that the economic conditions in the U.S. are "unusually uncertain". Can we take a hint? Are pigs usually pink.
We've had a great, short-term move in stocks, and it's hard to see the light at the end of the tunnel on all this. But it just might be a "freight train", or from a bearish perspective, a "fright train".
My instincts and my proprietary "market observation analytics" tell me that we aren't too far from an abrupt shift in market direction and in investor sentiment. Market psychology isn't at important as most people think, but the fact that many small investors are not participating at all in these market surges and plunges, is quite telling.
It is time to be in a state of heightened awareness about the media's "hints", the comments that powerful officials are making, and the track record of the stock market since the "flash crash" of May 6th.
Realism beats optimism and pessimism every time.
Disclosure: no stocks were mentioned