Of course, the main market-moving event is scheduled for this weekend, and Kevin Muir has some good thoughts on it, with players all but discounting Le Pen.
But here in the US, we’ll play it straight and review what is known, which is a rebound in employment for April. You can access the BLS report by clicking the graphic.
Say what you want about the makeup of the total employment picture but the unemployment rate is burrowing southward in epic fashion. Sure the government has tricks to make the picture look better than it actually is, but those same tricks have been in play for decades. So the graph is probably close to ‘apples to apples’.
It may be a diametrically opposed (to the previous) administration in office but it is the same old picture of the economy servicing itself with all manner of Finance, Business, Education and especially Leisure & Hospitality (including all those low paying jobs done by people not named Hazel). Also, look at Government pop under the new administration… hmmm. Trump is still ramping up so we’ll give him the benefit of the doubt on that one. But it had better not become a habit.
So it’s the ‘same old same old’ here on the Good Ship America, with services carrying the day as always. We are not yet seeing reflation manifesting in good paying factory jobs for the majority of Trump voters. But then again, we are not going to because those jobs are gone and only served as an election gimmick. The economy has changed for good, and is ever more dependent upon automation. See “Protection will lead to great prosperity”.
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