The incredible miss in May's jobs data (only adding 38,000 jobs, the lowest since September 2010) caused Rick Santelli to explode into another one of his epic rants – slamming the fact that the headline unemployment number will be touted and the central banks have created such a mess.
"Ten more months of thirty something thousand and we'll be under 3% unemployment! This totally summarizes the disconnect between good jobs, the jobs number, the unemployment rate and what motivates the fed and its dual pillars"
"The future president, whoever that may be, if you're running on this record on jobs and you look at that 4-handle on the unemployment rate, the only thing you should be able to discern is that if the fed uses any of this in their model as a high priority, it explains why policy is just so horrible"
"The dynamic of the jobs market, in questioning productivity, productivity is the whole key to everything, and you get all of these rules, all of these bad policies, the fed is maybe the biggest worst enemy – I take that back, it's probably the ECB and the Bank of Japan, because the more negative the world grows, the more you're going to see strange dynamics like this"
Here is the video for everyone's viewing pleasure (Santelli starts at 1:25)
via http://ift.tt/1UANUJd Tyler Durden