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May Payrolls Report; a Booming Laggard

Founder & Editor @
June 5, 2023

The May Payrolls report shows what else? Booming and laggard Services drives payrolls at +339,000

Killing an inflated economy is proving to be touchy (and sticky) business. As manufacturing continues to weaken and forward inflation signals continue to fade (per 2023 trends), the Good Ship Lollipop sails on with its vaunted (is that another word for bloated?) and lagging services sectors acting as the wind in its sails.

Click image, get report from BLS:

And you know who is certainly not complaining.

As usual for a latter stage economic situation in this vast ‘services’ economy, you have a nice headline driven by Education and Health Services, Professional and Business Services, Leisure and Hospitality (services), a big pop in Government (services, such as they are) and of course Construction, which is tied to the services economy, not the productive economy. For good measure, if you add Other Services to Financial Activities (services) you get a healthy pop there too.

As for productive endeavor: Manufacturing? Well, it continues to recede and mining/logging are going nowhere.

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Gary Tanashian is founder and editor of the popular Notes from the Rabbit Hole (NFTRH). Gary successfully owned and operated a progressive medical component manufacturing company for 21 years, keeping the company’s fundamentals in alignment with global economic realities through various economic cycles. The natural progression from this experience is an understanding of and appreciation for global macro-economics as it relates to individual markets and sectors.

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