August jobs numbers put Biden administration in ‘bit of a pickle’: Market strategist
Michael Lee Strategy founder Michael Lee argues that the ‘dismal’ jobs report is a poor reflection on the White House
The August jobs report came in way under expectations and Michael Lee Strategy founder Michael Lee argued on "Mornings with Maria" that the numbers are a poor reflection of the White House.
MICHAEL LEE: This number is a bit of a train wreck, and it's going to put the current administration in a bit of a pickle because the only area where they're really polling well is COVID. And so with everything that's going on in Afghanistan, this sort of number, are they going to continue the fear-mongering with the delta variant and the new variants are going to come? Because that's clearly keeping people out of the workforce, it’s keeping people from going out to dinner, which is hurting the leisure and hospitality industry, which we should be seeing hundreds of thousands of jobs being added each month. I mean, I think that's where the most openings are.
So it's going to be interesting to see going forward. I think, for markets, this is a net positive because I think the Fed is going to continue to print money. And this is a dismal report. But the economy is still expanding and we're likely to continue expanding for a couple of years. So while we have easy money and [an] expanding economy, great earnings by the largest companies, I think equities are going to continue to trend higher. Probably not runaway higher, but just continue to grind higher like they have the last few months.
LABOR SECRETARY ON 'NO GROWTH' JOBS REPORT: 'LOTS OF REASONS'
WATCH THE FULL INTERVIEW BELOW:
How disappointing jobs numbers reflect the economy
Michael Lee Strategy founder Michael Lee and ‘Mornings with Maria’ panel discuss August jobs report.
Source: Read Full Article