Jobs report shows employment growth remains strong, but economic fundamentals are weakening and the Fed showed it doesn’t know it is the cause of inflation.
Business surveys for April show a slight slowdown in activity with both manufacturing and service companies reporting numbers in the mid-50s (50 represents break-even or no increase in activity). New orders continue to increase, albeit with readings in the low to mid-50s.
U.S. productivity data show a sharp decline in the first quarter. Moves away from classical economic principles reduce productivity and living standards. The productivity decline of 0.6% over the past year is typical of what happens when economic policies move away from sound economic principles.
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