Bank giant JPMorgan Chase warns that cracks are starting to appear in different sectors of the American economy, even if the headlines remain cheerful.
In a new CNBC interview, JPMorgan Chief Global Stratega says David Kelly that hard data suggests that the American economy loses steam despite add 139,000 jobs in May, defeating expectations and keeping unemployment stable at 4.2%.
But under the hood, Kelly points out that the Labor Department has revised in March and April in March and April, while noticing that the US lost hundreds of thousands of jobs last month.
“This was much softer than the headlines suggest. For me the only problem we have lost more than 600,000 jobs according to the household research. That is very volatile, but that was a negative signal.
The other is cutting 95,000 [jobs] of the previous two months.
So so far we only have 124,000 jobs this year, per month, during the first five months of the year. Last year it was 168,000.
If I look at a lot of data, it gradually seeps and spreads over the economy. I think we miss it because we look at headline payroll numbers or the craziness in terms of trade and GDP. But this economy gradually slows down here. ‘
Data from the Pennsylvania lither PNC Bank established in Pennsylvania to show That the number of adults who worked with 625,000 in May or was looking for 625,000, so that the number effectively denied the lost jobs in the same month.
According to the bank, the contraction of the labor force can indicate that “potential employees are discouraged.”
https://www.youtube.com/watch?v=OLEBMVTUPMMMMMM
Follow us on X” Facebook And Telegram
Don’t miss a beat – Subscribe to get e -mail notifications directly to your inbox
Check price promotion
Surf the Daily Hodl -Mix
Generated image: midjourney
Credit : dailyhodl.com
