May Payrolls report illusion

May Payrolls report; not all it’s cracked up to be

On Friday we noted that the May Payrolls report was ‘services’ laden and late stage stuff. Early stage stuff like manufacturing is in the dumper.

There is another consideration making the rounds, and that is that the Household survey tells a completely different story about the vaunted Payrolls dinger. The contraction in the work week was not broadcast nearly as much as the headline number and then there’s this from the Daily Shot.

Pardon my artwork. I could not quite get Hazel to wipe that stupid smile off her face. #creepy

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