Executive Summary Market pundits closely watch the monthly jobs report, but recent large annual revisions—911,000 and 598,000 jobs removed over the past two years—raise questions about its reliability. Since the working-age population grows by roughly 200,000 people per month, job creation generally needs to exceed that level [...]

Executive Summary Recently I have written about the increase in speculation in the stock market as evidenced by margin debt (see first graph). Below I provide two historical valuation measures, including the Price/Sales Ratio, which is less manipulated, to show the extremes to which valuations have reached. [...]