Government and Services continue to rudder the Good Ship Lollipop in the direction of Q4, Hazel’s grotesque and winning smile intact (wave to the nice people, Hazel!)
Here is the full report from BLS:
Hazel was from a long time ago in America. Dad went off to work, the little woman made a home, sent the kids off to school and watched The Days of Our Lives, and on their robust single parent income, they were able to well afford Hazel to come in weekly and keep things spick and span.
It’s just like the old days in America, minus the manufacturing might of yore. Happy days are here again. The jobs market is being driven by embedded services within the services economy. And look will you? Government is back on its hiring binge after a 1 month breather. All the lagging, non-productive stuff (esp. government) is doing the lifting. Construction, you say? Yeah, it’s dirty work. But it is a knock-on of the services economy.
Finally, the unemployment picture is a slow mover that is maintaining its appearance of a gentle bottom/base, looking to a future upturn. An upturn that, its seems, certain political entities do not want to see start in earnest until oh… after Tuesday, November 5th or so.
Now I guess we are going to play the ‘Fear the Fed’ game again and the “higher for longer” regime. In my opinion, the Admin/Treasury/Fed combo (former Fed head Yellen sits in the Admin’s side car, after all) is in a box, trying like hell to stay elected in November, hence keeping liquidity functioning while hoping inflation signals stay muted.
That’s some trick, but as long as this ‘fear the fed’ routine endures, it keeps the US dollar functioning as if there is no inflation problem with a supportive monetary authority at its back. The US dollar has been perched at support after failing to decide at a technical decision point. You’re up, Uncle Buck.
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