Bill Gross thinks the June unemployment data is bad
Now, Bill Gross, the Bond King, knows that bonds go up in price when bad economic data comes out. So, leaving aside the desire to talk one’s own book, I think Gross makes a number of good points on CNBC about the unemployment data which came out at 830 ET. His basic point is this: no jobs and no wage growth equals no recovery.
We need to see incomes rise in order to get consumers to spend. If the Obama Administration wants recovery, they need to do more to increase incomes and worry less about bailing out the banks.