Talking about the 70's, people in last 8 years haven't had to sacrifice as much as did people did in 70's when they lost jobs and had wages reduced. Maybe it is more productiviity and efficeny on new hi tech economy or just greater borrowoing on credit by consumers.
However, theft, deception and other forms of shrinkage in economy still ubiquitous.
UI numbers tomorrow crucial to salvage upper side of current trading range. 4 wk MA of UI claimes still rising and needs some downwards trend to keep market heading higher.
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