Good Ship Lollipop sails on with a minor beat vs. expectations
You can read the report at BLS by clicking below:
I’d say that keeps the winning, yet ever creepy smile on Hazel’s face for now.
Here’s the breakdown that keeps her gainfully giddy.
While not in her wheelhouse, Education & Health services boomed. Ah, but #2 is Leisure & Hospitality services. Then we have Construction, which is an add on to the services economy, Professional services, a pop in Manufacturing, which some graphs we reviewed in NFTRH 772 implied might come about as NY Fed and Philly Fed each showed a little bounce in expected activity (possibly aided by the weaker USD into mid-July).
All in all, the Good Ship Lollipop sails on and the “soft landing” brigade is not yet proven wrong. The unemployment rate ticked up and the media is making a big deal about it. But I don’t think it is overly material at this juncture.
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The outrageous lies of the BLS:
https://www.tfmetalsreport.com/blog/12258/outrageous-lies-bls
“nearly all of the .gov-created economic data this year has been goosed higher for headlines and then revised lower at a later date, when no one is watching.”
Of course! But what matters is how the market reacts. Lies are everywhere. They have to be factored or we’re all blown to pieces. 2023 is a bull reaction to a bear market that wasn’t in 2022. When the bear does begin I believe it will wipe away all of the lies you speak of. It just won’t care.