Now, you'll recall there is also the Household Employment Survey that often is touted as far more reliable - when the numbers are good. So how did that go? Gee, glad you asked, actually: The household survey, (which also generates the unemployment rate), showed a month-to-month seasonally-adjusted employment plunge of 445,000 jobs for June 2011. What? Did you say a plunge of 445,000 jobs? No way! Way! So how come nobody on the Financial News networks is mentioning that today? I don't know. It's a mystery!
(The household survey measures the number of people who are employed; the payroll survey measures the number of nonfarm jobs - reflecting a count of individuals that is duplicated for those who hold multiple jobs).
Who think QE3 is right around the corner? I guess maybe the markets do because gold shot up on the news.
Meanwhile in related news:
July 8, 2011, 4:12 a.m. EDT
Swiss Parliament to discuss gold franc
Right-wing party seeks way back to gold standardZURICH (MarketWatch) — The Swiss Parliament is expected later this year to discuss the creation of a gold franc — a parallel currency to the official Swiss franc, with the fringe initiative likely triggering a broader debate about the role of the precious metal in the Alpine nation.
The initiative is part of “Healthy Currency,” a campaign sponsored by politicians from the right-wing Swiss People’s Party (SVP) — the country’s biggest — that is seeking to capitalize on popular fears about global financial turmoil and inflation to reverse the government’s current policy on gold.