No. 810: Labor Conditions, M3, Trade Deficit and Revisions, Construction Spending
As Happy Economic Data Evaporate, Chances for an FOMC Rate Hike and
Perpetual Fed Propping of the Dollar and Stocks Will Diminish
Net of Downside Revisions to April, May Payrolls fell by 50,000 (-50,000), by
More than the 35,000 Striking Telecommunication Workers;
Full-Time Employment Dropped by 59,000 (-59,000)
May 2016 Unemployment Rates Diverged: U.3 Fell from 5.0% to 4.7%, but
U.6 Held at 9.7% and the ShadowStats-Alternate Rate Rose from 22.9% to 23.0%
Plunge in the Headline Unemployment Rate Came from
Unemployed Leaving the Labor Force, Not from Finding Jobs
The Labor-Force Participation-Rate Measure Favored by Fed Chair Yellen
Shifted Negatively to 62.6% in May, from 62.8% in April
Despite Collapsing April 2016 Real Construction Spending,
Broad Activity Continued in Low-Level, Stagnating Non-Recovery
Commerce Department Moved to Reduce the Trade Deficit and to
Boost the Headline Economy by Redefining and Gussying-Up the
Trade Surplus in the Otherwise Fluffy-Services Sector
Hard Detail from the Real Merchandise Trade Sector
Showed a Deeper Deficit and Weaker Economy in Revision
Annual M3 Growth Jumped to 4.2% in May 2016, from 3.9% in April;
M2 Jumped to 6.8% from 6.4%; M1 Surged to 8.7% from 6.2%