May ISM and Payrolls both positive
Today the backward looking Payrolls report gets the headlines but this week saw another important economic report. One that probably contains more important information.
The May ISM PMI came out and it shows contracting employment but still buoyant prices, orders and general business. The complications arise in the persistent supply chain issues, complicated by COVID-19 and a geopolitical world in turmoil. The report includes a chaotic bunch of responses from manufacturers about their various businesses and related issues.
The report shows solid new orders, the above-noted fade in employment (I would think mainly due to said supply chain issues at this point), rising inventories (also possibly affected by the supply chain) and solid backlogs. Prices eased a bit but that is from a very over-heated level.
As for the May Payrolls, you can click below to get the full report from BLS. +390,000 was well ahead of estimates of 328,000 but a tick down from April’s 436,000.
Hazel and her fellow services workers have excellent job security as the consumer-driven Good Ship Lollipop sails on.
Here is the breakdown, as Americans seek out all that Leisure they think they need and other services remain strong.
I guess I can no longer complain because I am a service provider and not for the last decade a manufacturer of anything other than ideas, opinions and analysis. But I still don’t like it as an American. I don’t like how top heavy we are. Debt addled and still overly dependent on an ever more fragile global supply chain (see what I did there?).
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