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There is no such thing as context, history or critical analysis – just cherry-picked short-term data-deltas, which are  held to be either awesome or at least much improved from last time. That’s why we predictably got this headline from the Wall Street Journal with reference to today’s June employment release, which allegedly showed “employers added 850,000 jobs last month”:  Stocks Tick Higher With Strong Jobs Report Well, no, it wasn’t and they (employers) didn’t. In fact, total hours worked in June actually declined from the May level, and, far more importantly, were still down 4.4% from the pre-Covid peak in February 2020.

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