Markets Thrilled That People Keep Losing Their Jobs

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The headline in the Financial Times blares, "Job data welcomed as markets await Fed."
What job data, you might ask? Well, the great news that another 203,000 Americans lost their jobs last month.
Yes, yes, we understand that it's the smallest number of job losses ADP has had to offer in a year-and-a-half. But the report was still a good deal worse than analysts expected. And it certainly offers some indication that the economic recovery--such as it is--hasn't quite trickled down just yet.
But wait, there is some more good news from the ADP report: "Employment... is likely to decline for at least a few more months."

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