Weekly Indicators: The Oil Choke Collar Works Like A Charm Edition
By Hale Stewart:
By New Deal Democrat
The big monthly number this week was, of course, April's relatively poor +116,000 jobs report. The internals were generally better, with all of the leading components such as temporary jobs and manufacturing jobs and hours, improving. The employment participation ratio, however, continued to be cause for consternation, as was the flat average hourly earnings. In other monthly reports, auto sales improved over March and were only below February's pace. Income and spending were positive, with income less than spending for a change. ISM manufacturing for April came in stronger than expected. Factory orders for March were weaker. Construction spending was flat, due to a decline in government spending. Both private residential and non-residential spending were up significantly. ISM services came in weak but still positive.In summary, the weakening payrolls numbers in particular show that the Oil choke collar is working exactly as advertised. Any timeComplete Story »
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