From Brian Wesbury at First trust portfolios
" civilian employment, an alternative measure of job growth that includes small business start-ups, declined 310,000 in May.
despite the big headline gain for nonfarm payrolls, the total number of hours worked (which also comes from the institutional survey) slipped 0.1% in May. In other words, these businesses were hiring but there was less for their workers to do. our view that the labor market will be a lagging indicator as we enter the next recession. If larger employers hoard workers to fulfill future increases in business activity, but those increases don’t come, that just means more workers will get laid off later on.
Ed McQuarrie talks the REAL History of Stocks and Bond performance.
Heading to Maine early tomorrow morning for some fun in the sun! :)
In the meantime, read this piece by Andrew Biggs.
See you next week!
andrew biggs @biggsag writes...you read. This is not negotiable
https://littleknownfacts.substack.com/p/the-two-charts-any-social-security