January Payrolls boomed, services do the heavy lifting
I was at a doctor’s appointment when the drama unfolded. It was probably for the best, because I for one have been leaning the other way, toward economic easing and as an analyst who wants to always be proven right (human nature) in some sort of convenient time frame, I find being exposed as wrong (or at least not yet right) a little disturbing (again, human nature, eh?).
Dusting off the old ego, let’s get to the particulars, which you can read about by clicking the graphic.
As usual, she of the grotesque but winning smile carries the day (sort of). While her larger services segment boomed, her particular slice of that pie was conspicuously modest last month. That may be a fairly normal or logical thing directly after the holidays.
As to the Good Ship Lollipop, it sails on with Education and Health services, with sides of Retail and the eternally growing government. None of which are productive industries. Although Manufacturing, which is productive, showed a nice bump up. So there’s that.
Unemployment continues to flounder along the bottom, in my opinion still carving out a low before an economic counter-cycle to come. But copious amounts of patience are required on this and many other financial/economic signals.
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