Payrolls still frisky but no big surprise
Not too hot, not too cold. The Good Ship Lollipop sails on with its jobs machine still cranking. You can click the graphic to get the BLS report if you’d like.
Now, what of the economic sector breakdown? Is the USS GSL still sailing on the strength of its vaunted ‘services’ sectors? Hazel? Anyone?
Yes. Of course!
There is that long standing self-evident American right, leisure. There are are the professional, business, education and health services. You can lump retail in there too. Construction is a manifestation of the services economy and political machinations. In other words, It’s a laggard not a forward indication. Manufacturing did bounce a bit last month despite the recent price and business erosion in this all important segment.
All in all, Hazel is secure. Hazel is still smiling as the USS Good Ship Lollipop sails on into the oncoming FOMC.
As a side note, let us not fret too much about the oncoming global political war where our ‘enemies’ make more things, mine more things and consume less things per capita. For us right now, it’s services baby, services!
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“As a side note, let us not fret too much about the oncoming global political war where our ‘enemies’ make more things, mine more things and consume less things per capita. For us right now, it’s services baby, services!”
This is a very good point worth repeating and repeating. Thanks.
And I sure did repeat and repeat it back when I was a manufacturing person seeing these global pressures up close and personal.
10Y-2Y yield spread has *bottomed* and been following a narrowing trend recently. What could a continuation of this trend mean? For all I’ve gathered so far this could only be a signal for the subsequent bust…
The inverted curve, really with nowhere to go but to steepen, is another sign of an oncoming bust, especially when it is married to other indicators of same.