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Afternoon Note

Boom!

By Charles Payne, CEO & Principal Analyst
5/3/2019 1:35 PM
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The employment report delivered, as the economy created 263,000 new jobs last month.  Several records were established, including all-time low unemployment rates for Hispanics and Asians.  The unemployment rate for women is at its lowest point in seven decades.

Highlights

Even the decline of 12,000 in retail is fine with me, since they only pay $597 a week versus $956 a week in trade and transportation, which gained 11,000.

 

Cause for Concern

The red flag is the continued exodus from the labor market, as 490,000 exited during the month.  That’s not all old folks.  In fact, this is about the inability to get a large swath of young men to step up to the jobs plate.

The lower Participation Rate of 62.8, -0.2, exaggerates the unemployment rate, but the overall report is a monster.

United States Unemployment Rate

The market acts great, but it dipped a couple of times today in response to Fed talk, as Wall Street struggles to understand the next move and its rationalization.

So much for straight talk and greater accessibility.

Have a great weekend.


 

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