Today, the monthly jobs report came out. My guess is that less bad is considered not bad. However, the key component of today’s report was something overlooked by everyone. To me, the announcement that the ISM service industry declined dramatically is the most significant news of the day. Why? Simply put, the United States thrives on service, not manufacturing. In fact, companies are not creating new manufacturing sites, nobody is rushing to build plants in the United States, and businesses are manufacturing overseas. No matter how much the President strong-arms, that trend seems likely to continue.
On this Labor Day, as we celebrate the American workforce, we must keep perspective. As the stock market traders take a weekend vacation, seasonality reigns supreme, and hope fills the air, just remember, on Tuesday, it’s back to reality.
Have a wonderful weekend.
Till next time,
Bill
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Friday, September 3, 2010
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