Economy Is On The Move
Well, the wild world of politics continues to drown out more evidence the economy is on the move. While job openings drifted lower to 5.7 million, the more important hard data parts of the JOLTS report show underpinnings of an economy on the move.
With quits significantly higher, households could be prepared to participate more as wage increases should begin to pick up the pace. Of course, there are issues including that skills gap, which isn’t about college but about abilities to use new-aged machinery and tools.
Even the NFIB, which saw improvement in applicants with few of no qualifications, point to this as a serious problem that has gotten decidedly worse in recent years.
Today, we’ll see what Janet Yellen says about the jobs market, especially quits, which rank prominently on her so-called dashboard. I would like the Fed to continue to talk about allowing accommodation to run off but only against the backdrop of an improving economy. By the same token, I hope the Fed stops telling us lower cable bills are the only reason for signs of deflation.
In addition to Yellen’s testimony, watch for government data on petroleum inventory levels. Despite massive drawdowns in the last two months, crude has had trouble putting the brakes on its slide. Last night, the API report showed large draws:
Crude, as a proxy for the economy, is difficult because there are so many suppliers; and, technically it could always outstrip demand. But the recent draw downs in the United States is a positive reflection of the domestic economy.
There are so many positive signs out there – if you aren’t feeling them then make a stronger effort to get out into the job market. But many of you are seeing and feeling it but not positioned to be rewarded. This is the time – own great American Companies – make your portfolio great again and change your life over the course of time.
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