We begin with the United States, where weaker than expected jobs report resulted in Barclays, Merrill Lynch, and others to revise forecasts for the number of Fed rate hikes in 2016. Most economists now expect only one hike in 2016 (in September) – down from two.
Below are a few other observations on the payrolls report that weren’t covered by the financial media.
1. The percentage of Americans employed in residential construction is rising but remains at pre-recession lows.
2. Coal mining jobs in the United States are quickly disappearing.
3. Americans are still leaving the labor force in large numbers. Much of this is retirement and stay-home parents. It is important to point out that many Americans who have the ability to leave the labor force find that salaries and small business earnings are too low to make it worthwhile for them to stay.NFTRH Premium for an in-depth weekly market report, interim updates and NFTRH+ chart and trade ideas; or the free eLetter for an introduction to our work. You can also keep up to date with plenty of actionable public content at NFTRH.com. Or follow via Twitter @BiiwiiNFTRH, StockTwits or RSS. Also check out the quality market writers at Biiwii.com.