5-9 May Economic ClustoroPhornicato: Rubber Band Continues to Stretch
More bogus stat figures as new jobs hit higher numbers, but quality sucks. Labor participation rates are lower than whale scat, but the secret sauce is how many boomers are walking away, impacting that stat, and ow many are enjoying defined benefit programs and don't just have to live off Social and Savings, that's a real pump hidden in all those "participation rates" in an active retirement at boomers flock to the sidelines for the next ten years. Every Fed civil servant retiring at 66 with 40 years of service gets full Social Security, 45% of their high three salary, about 80% of their BEFORE taxable salary, and is sitting on a pot of about $750,000 requiring a minimum of $30,000 annually they have to draw at 70 1/2.
The other 95% of those pending retirement? Advanced placement on the breadline.
May 5 10:00 AM ISM Services Apr - 54.0 54.0 53.1 -
May 6 8:30 AM Trade Balance Mar - -$42.5B -$42.5B -$42.3B -
May 7 7:00 AM MBA Mortgage Index 05/03 - NA NA NA -
May 7 8:30 AM Productivity-Prel Q1 - -1.2% -1.2% 1.8% -
May 7 8:30 AM Unit Labor Costs Q1 - 2.5% 2.5% -0.1% -
May 7 10:30 AM Crude Inventories 05/03 - NA NA 1.698M -
May 7 3:00 PM Consumer Credit Mar - $16.0B $16.1B $16.5B -
May 8 8:30 AM Initial Claims 05/03 - 325K 325K 344K -
May 8 8:30 AM Continuing Claims 04/26 - 2750K 2750K 2771K -
May 8 10:30 AM Natural Gas Inventories 05/03 - NA NA 82 bcf -
May 9 10:00 AM Wholesale Inventories Mar - 1.1% 1.0% 0.5% -
May 9 10:00 AM JOLTS - Job Openings Mar - NA NA 4.173M -
Ready for a JOLT? Job openings grows, the market sells off because more jobs offered supports a more hawkish Fed walking away from propping up the economy. Job openings blah or down, the market isn't improving, it supports a gasping economy.
Plus, all these folks with financial values are headed for the beach! Except those baby boomers in the 60's like Mad Men, who'd have thought the Greatest Generation were moral degenerates looking for patch?
There are more people qualifying for total disability than getting net new jobs. You know how they and those cushy Civil Servant Retirees are voting. 47% my ars...the boat is capsized. We don't need jobs. Haven't you heard. The Fed has authority to print money and buy debt issued by the Treasury Dept......they make Ponzi look like a shoplifter....