January payrolls boomed at +517,000
You can click the graphic to get the details from BLS:
I was quite taken aback by how strong the January Payrolls reading was. While I did not necessarily expect deceleration or a counter-cyclical reading (my view for the balance of 2023) of some kind, this was stunning and unexpected.
Although I did not expect it, I did expect what it could kick off in the interim to where we are going in 2023. Hello Uncle Buck? Hello Gold/Silver ratio? Hello 2 Horsemen of the Apocalypse? Are you still riding? The inflation stuff could be most vulnerable if these two ride again.
Anyway, look who’s gainfully employed providing her services as usual to the leisure seeking guests on the Good Ship Lollipop. Professional services: Boom! Education and Health services: Boom! Leisure and Hospitality: Boom! Oh, there is government bloating itself up as well.
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There is no way you are the best of anything if you believe the Establishment Survey numbers have any relation to reality. As in the past, today’s nonsense will be “revised” away over the next couple of years.
No, tell me how you really feel. While you’re at it go realign your tin hat.