Payne's Perspective: May 10, 2021: Swing & Miss
What a wild week for the market, which began with fears of higher interest rates after the Secretary of Treasury, Janet Yellen, “inadvertently” suggested such action would be needed to stem the sizzling effects of President Biden’s economic plans.
The week ended with markets climbing higher when the jobs report came in significantly below the consensus – portraying an economy that might actually be fizzling, not growing by leaps and bounds anymore. There were misses in data for manufacturing and service economies, and both the ADP and BLS jobs reports missed, although the latter was something more dubious.
On the Bright Side
There were a couple of economic data point beats, including a strong surge in productivity as unit labor growth declined. It is good news for businesses and investors. Weekly wages in the BLS report came in better than expected, but +0.7% is not a large increase. However, I’m surprised it was even this high, considering how many new jobs were in leisure and hospitality.
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