Another stunner of a report today. April numbers mark the 13th straight month that the jobs report blew away Wall Street economists expectations. 13 straight months. Incredible.Everyone keeps waiting for the shit to hit the fan and..nothing. Including me.
Education and health care saw the biggest gains, but here is the surprise: construction and manufacturing jobs also saw gains. Construction and manufacturing should be seeing job losses given the meteoric rise in rates. Something is wrong.
Two things to look for :
1) This dampens the expectation of a deep recession
2) The Fed has to keep increasing rates dashing hopes that they are done with rate bumps.
Every recession I have witnessed came at us differently and from an unexpected angle. Our true enemy has yet to reveal itself. Keep your consumer debt low and just like we do for The Big One , keep an emergency kit and supplies in the garage.