As a reminder, I will be posting only weekly from July 9 through August 6.
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Nonfarm payrolls expanded by only 73,000 in July. But, it was June’s revision from 147,000 to 14,000 and May’s from 125,000 to 19,000 that shocked investors. There should now be no doubt that a recession has begun.
Rather than acknowledge that his tariffs are responsible, Trump responded to the weak data by shooting the messenger, firing widely respected BLS Statistics Commissioner Erika McEntarfer on charges of being partisan.
Equities didn’t take well to news of the economic slowdown nor the realization that the White House will be providing future “data” releases to McEntarfer’s replacement.
ES completed the backtest of its former highs.
continued for members…
It was a little earlier than we expected.
