Happy Mother’s Day!  The trading after payrolls was initially surprising, but the move makes sense when all factors are considered.  Here are my takeaways from the past week: The headlines looked reasonably solid. +223K is pretty good – especially considering the low ADP.  The UR dropped a tenth to 5.4% (albeit 5.44%, from 5.47%) and U6 also dropped a tenth to 10.6%. UNFORTUNATELY, here are the top three problems with the data: 3) Average hourly earnings are still a tepid 2.2% y.o.y. 2)  March payrolls were revised down 41K, from 126K to 85K. 1)  The number of full-time workers in…

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