Payrolls Day

Pretty poor, I must say. Jobs added (162K) were mostly part-time for seniors (55+). More than half of the jobs were either in retail trade or “food services and drinking places.” Work week declined; average hourly earnings declined. That it was positive is about the only thing good to say about it.

Also notably the PCE and Core PCE year-over-year indices stood at 1.3% and 1.2% respectively. The QE-means-inflation story is looking a little frayed at the seams. But don’t let the facts get in the way of a good propaganda meme.

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