Unemployment and the Market
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According to a front-page story in The Times (Part I, Sept. 3), the unemployment figure goes up (its second increase in two months) and, as a result, the stock market dances for joy, and the Dow Jones average leaps 52.28 points. A Merrill Lynch representative says that this was “something financial markets really wanted to see.”
What kind of cockamamie economic setup do we have here, when putting people out of work is considered a financial “plus?”
No wonder we’ve got a budget deficit that won’t quit, and a trade deficit that has made us the laughing stock of the entire world!
LILLIAN J. MONEY
Manhattan Beach
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