May Payrolls Report; a Booming Laggard

The May Payrolls report shows what else? Booming and laggard Services drives payrolls at +339,000

Killing an inflated economy is proving to be touchy (and sticky) business. As manufacturing continues to weaken and forward inflation signals continue to fade (per 2023 trends), the Good Ship Lollipop sails on with its vaunted (is that another word for bloated?) and lagging services sectors acting as the wind in its sails.

Click image, get report from BLS:

And you know who is certainly not complaining.

As usual for a latter stage economic situation in this vast ‘services’ economy, you have a nice headline driven by Education and Health Services, Professional and Business Services, Leisure and Hospitality (services), a big pop in Government (services, such as they are) and of course Construction, which is tied to the services economy, not the productive economy. For good measure, if you add Other Services to Financial Activities (services) you get a healthy pop there too.

As for productive endeavor: Manufacturing? Well, it continues to recede and mining/logging are going nowhere.

For “best of breed” top down analysis of all major markets, subscribe to NFTRH Premium, which includes an in-depth weekly market report, detailed market updates and NFTRH+ dynamic updates and chart/trade setup ideas. Subscribe by Credit Card or PayPal using a link on the right sidebar (if using a mobile device you may need to scroll down) or see all options and more info. Keep up to date with actionable public content at NFTRH.com by using the email form on the right sidebar. Follow via Twitter@NFTRHgt.

*********