| Dear Reader, My good friend Peter Boockvar stands out among other analysts for his well-founded stance on why inflation is here to stay. As one of my favorite Over My Shoulder contributors, he regularly keeps me and my subscribers up to date on jobs and payroll reports. (For the next 48 hours, you can still save big on your Over My Shoulder subscription.) If “jobs report” sounds boring to you, let me assure you, it’s anything but. Because this data has wide-ranging implications for monetary policy and for us as investors. When I’m in doubt about what these figures mean for the near term, I call up Peter and discuss it with him. Take this fact, for example: In May, US jobs growth came in below expectations again. While the rebound from pandemic lows is continuing, it isn’t continuing evenly or in every sector. Peter breaks it all down for us: Current unemployment rate vs. 40-year average... progress or a step back? Hours worked (a telltale sign for overworked employees and understaffed companies) Average hourly earnings... and the sector that led the latest wage hike Hiring and firing by sector... what it tells us about the economy Construction hiring is down 20K... because of this #1 industry killer The top 3 factors that will affect the labor market in the next few months Peter’s conclusion: “As for the Fed, if the only thing they are going to look at in driving monetary policy is the almost 8 million [workers] that are not back, they are not doing their homework. The economy is running too hot, and stagflationary situations are popping up left and right.” So you don’t have to miss another Over My Shoulder issue, we’re offering it to Mauldin readers for just $9.95 a month—that’s a full 33% off. Just remember, this offer expires tomorrow, June 14, at midnight. I lean heavily on macro information from my brilliant Over My Shoulder network for my own financial decisions. I think you will find it exceedingly useful as well. Subscribe now to claim your 33% discount. Your grateful for data-crunching geniuses analyst, John Mauldin
Co-Founder, Mauldin Economics | 