“In the first quarter of 2012,” read the statement issued before this morning’s open, “Caterpillar dealers added machine inventory of about $875 million, and this year, they reduced machine inventory by about $700 million.”
By all rights, the market should be having — as the annoying receptionist in Office Space said — “a case of the Mondays.” We count at least six items that should be dragging the market down.
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This Car Won’t Move
The latest unemployment data reveal the hope and tragedy of the American economic plight. Cheers went up for a modest increase in hiring, one that:
- barely keeps up with population;
- features mostly temp workers;
- leaves out prime-age males and all young workers;
- and keeps labor participation rate at a low level from 1979.
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