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household survey

What ‘Growth’ May Be ‘Scaring’ The Labor Force

By |2021-11-05T19:05:53-04:00November 5th, 2021|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

It is one of the most important results to look for, a payroll cue which opens up the question to much bigger issues. A recession or any serious downturn registers with employers first when they feel the need to cut back on labor. As the biggest input cost and cash flow commitment, nothing more than plain common sense.Once past some [...]

For The Love Of Unemployment Rates

By |2021-10-08T18:19:36-04:00October 8th, 2021|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Here we are again. The labor force. The numbers from the BLS are simply staggering. During September 2021, the government believes it shrank for another month, down by 183,000 when compared to August. This means that the Labor Force Participation rate declined slightly to 61.6%, practically the same level in this key metric going back to June.Last June.These millions, yes, [...]

Just In Time For Labor Day: It’s Not Payrolls Missing The Mark By Such A Wide Margin

By |2021-09-03T18:02:37-04:00September 3rd, 2021|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

It was a highly curious change in the shape of the labor force. Beginning October 2015 and lasting until March 2016, for six months Americans came flooding back into the labor market. Or, so they said. When the BLS’s various surveyors working on the Current Population Survey (known as the Household Survey) came calling for answers each month, all of [...]

ISM’s Nasty Little Surprise Isn’t Actually A Surprise

By |2021-07-06T17:14:23-04:00July 6th, 2021|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Completing the monthly cycle, the ISM released its estimates for non-manufacturing in the US during the month of June 2021. The headline index dropped nearly four points, more than expected. From 64.0 in May, at 60.1 while still quite high it’s the implication of being the lowest in four months which got so much attention. Consistent with IHS Markit’s estimates [...]

Not Really A Massive Payroll Miss, Just Reopening

By |2021-05-07T16:25:05-04:00May 7th, 2021|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Huge miss. Whopping dud. Maybe it wasn’t nearly that bad?The consensus forecast had called for payroll growth in April 2021 of something like +980,000, in line with the previous blowout estimate for March. In the updated batch, first that prior one was revised downward to just +770,000 and then the latest guess put the current month at a seemingly awful [...]

Reopening 2

By |2021-04-05T17:36:05-04:00April 5th, 2021|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Last Friday’s March 2021 payroll report exceeded expectations in nearly every category. Analysts were hoping for something like the ADP’s private employment gains (+517k), somewhere in the ballpark of 550,000 to 600,000. Instead, the BLS thinks the whole economy had added between 803,700 and 1,028,300 (90% confidence). This translated into the “headline” of +916,000, of which +780,000 in the private [...]

Payrolls Everywhere Else

By |2021-03-05T17:15:29-05:00March 5th, 2021|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

At first glance, the numbers weren’t bad. Maybe even borderline OK. The headline payroll figure nearly doubled consensus estimates, even better when taking into account only private payrolls even after ADP earlier this week had reported the opposite. Topline, the Establishment Survey gained 379,000 in February 2021, of which 465,000 were reportedly added to the private economy (government employment shrank [...]

Closing The Books on 2020 Didn’t Close The Books

By |2021-01-08T17:49:27-05:00January 8th, 2021|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

ADP let the cat of the bag on Wednesday when the payroll processing provider announced it believed the level of private employment had declined in December 2020. Since it wasn’t likely to have been wildly inaccurate, it set the stage for a renewed negative number in the main government payroll report released today.According to those BLS’s Current Employment Statistics (CES), [...]

No Doubt, There Really Will Be Two “L’s” In Payrolls

By |2020-12-04T17:10:47-05:00December 4th, 2020|Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Stocks|

Bad news is good news? The payroll report for November 2020, like those of the previous four months, have only further corroborated and confirmed the untimely death of the recovery. Since actual recovery can take only a “V” shape, then the end of the “V” necessarily means the end of recovery.In the twisted world of mainstream assumptions, however, fret none. [...]

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