Morning Report: Uneventful jobs report

Vital Statistics:

 LastChange
S&P futures4,3154.8
Oil (WTI)74.91-0.32
10 year government bond yield 1.44%
30 year fixed rate mortgage 3.16%

Stocks are higher as we head into a 3 day weekend. Bonds and MBS are up small. Note the bond market has an early close today.

The jobs report was a mixed bag this morning. Payrolls came in at 850,000, which was higher than the Street estimate. The 2 month revision was also modestly positive. The unemployment rate ticked up from 5.8% to 5.9%, and the labor force participation rate was flat at 61.6%. Average weekly earnings came in at 3.6% versus expectations of 3.4%.

Overall, the report was more or less a push for the bond markets, and bonds are down modestly on the report.

The CFPB is warning landlords to not report inaccurate information on credit reports. “Errors in your tenant screening report shouldn’t hold you back from having a place to call home,” said CFPB Acting Director Dave Uejio. “For families already struggling to make ends meet, an inaccurate report can be the difference between homelessness or settling into a safe and affordable home. Landlords and consumer reporting agencies have clear obligations under federal law, regarding the accuracy of information reported about tenants, and to conduct timely investigations when consumers dispute information. They need to get this right. The CFPB will closely monitor their compliance, and we will use all the tools at our disposal including enforcement, to protect consumers during this critical time.”

The title of the memo from the CFPB is “As Federal Eviction Protections Come to an End, CFPB Warns Landlords and Consumer Reporting Agencies to Report Rental Information Accurately.” Presumably this means that the government plans to end the eviction and foreclosure moratorium soon.

23 Responses

  1. Words fail:

    “Biden insists Afghan government can survive without U.S. troops, implores reporters to focus on ‘happy things'”

    https://www.washingtonpost.com/politics/2021/07/02/joe-biden-live-updates/#link-YFDOM7NOUBHBFE4R5M7IZZJOXI

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    • I don’t care how he does it, just so long as we GTFO of the Middle East.

      Like

      • Yup. Particularly, stop projecting military force into the middle east and go the more Trump-like route (just pretend it has nothing to do with the Trump admin) of negotiating deals. Carrot-and-stick certain regimes with deals and money so they carrot-and-stick other players. Don’t give them government cash for nothing and don’t keep any military there, at all, except perhaps strategic bases to project US power in relation to China.

        But the whole nation-building project should be declared a failure and abandoned.

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    • I’m not sure there is any level of slavish devotion from the press that would ever satisfy them.

      Like

  2. The Democrats have their nut jobs too:

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  3. Oh the humanity:

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    • My son was assigned Dear America, by Jose Vargas, and we listened to it in the car.

      The author was the perfect embodiment of the young, woke progressive who works as an activist in the press, and has zero self awareness.

      I am reminded by what Taibbi wrote about the In Defense of Looting book:

      Adherents to this theology are characterized by a boundless, almost Trumpian capacity for self-pity, even as they’re advocating setting you on fire. They can make wrapping fishwiches sound like digging coal in Matewan, being deprived of a smartphone like being whipped by Centurions, and they matter because everyone, including especially Democratic Party politicians, is afraid of the fallout that comes with telling them to shut the fuck up. So their “ideas” spread like cancer.

      the other thing that i found funny was his sense of history. According to him, the US colonized his native Philippines to extract wealth. He seemed completely unaware that he might have been speaking Japanese otherwise.

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      • This has made my dick hard for over 6 hours, I need a doctor.

        Imagine actually believing this.

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        • I could see being worried at the time, seeing the peasants revolting would be terrifying for the ruling classes.

          But at this point back in the old days they would have realized it was a nothingburger and gone to being heroic in the face of them having all the cultural power and the force of the state behind them.

          Worst thing about the current state of affairs are what utter wussies our ruling classes are. They’re a terrified housewife in the 50s screaming bloody murder to their husband because they “saw a black man not three blocks away, Harold! So close he could have come up our street!”

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      • I think of that when’re someone says America was stolen from the natives, or Australia—or anywhere. They have no concept of how different things were globally, especially before the US constitution and English common law and the Magna Carta. Colonization was normal. It was what you did if you had the option. Even indigenous people did it on a smaller scale.

        Respecting national sovereignty—even if nation’s militarily much weaker—is a new idea, unique to western culture. As are property rights.

        The Marshall Plan after WWII would have to be viewed as racist imperialism through the modern lens.

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  4. Is there anything more white progressive than after a year of blathering on about ACAB and defunding the police to call the cops on a neighbor who sets off fireworks on the 4th of July because it bothered their pets?

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  5. Good read:

    “Britney Spears’s Conservatorship Nightmare

    How the pop star’s father and a team of lawyers seized control of her life—and have held on to it for thirteen years.

    By Ronan Farrow and Jia Tolentino
    July 3, 2021”

    https://www.newyorker.com/news/american-chronicles/britney-spears-conservatorship-nightmare

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  6. Words fail:

    “Rep. Andy Kim’s suit in the Capitol cleanup photo was from a J. Crew sale. It now belongs to the Smithsonian.

    By Julian Mark
    July 7, 2021 at 10:31 a.m. UTC

    When Rep. Andy Kim put on a bright blue suit on Jan. 6, he was feeling good about the day.

    “I woke with the news of the wins in Georgia,” the New Jersey Democrat wrote in a Tuesday tweet. “I decided to wear the blue suit. I bought it to be a suit of celebration, and I thought what better way to give the suit meaning than to wear it when I confirm the electoral college and then later to the inauguration.”

    Then a mob of Donald Trump supporters stormed the Capitol, littered the grounds, destroyed property and interrupted the certification of the 2020 presidential election results. Soon, Kim’s suit would take on new meaning as photos of the congressman kneeling in it while picking up trash in the Capitol rotunda went viral.

    Now, Kim is donating the suit to the Smithsonian, he announced Tuesday, as a symbol of “hope and resilience” and “a story of light on one of the darkest days in our democracy.”

    “I never expected the Smithsonian or frankly anyone to find meaning in the suit I wore on January 6, but the responses — thousands of letters and emails — show how much people were looking for something positive after that day,” Kim told The Washington Post in a statement.

    Officials at the Smithsonian Institution did not immediately respond to questions about a possible exhibit on the Capitol riot or plans for Kim’s suit. It isn’t clear which of the museums might display it.”

    https://www.washingtonpost.com/nation/2021/07/07/andy-kim-blue-suit-smithsonian/

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    • Literally weeping at homie’s bravery. I think we can all agree that we barely survived as a country that day. Makes the Fort Sumpter look like a garden party.

      I think this will be an effective 2022/2024 election strategy for Democrats and they should double down on it.

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      • “After the building was deemed safe later that night and proceedings resumed, Kim walked around the Capitol surveying the damage.

        “There was trash and debris everywhere, broken furniture and broken flags, coats and gloves, cigarette butts and car keys,” he told GQ. “Trump flags and random bits of food. There was some body armor. This was probably the worst condition that room has ever been in. It broke my heart — I almost started crying.””

        He ought to check out some of the businesses vandalized during the other riots in 2020.

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        • I’m curious as to the condition of the Capital after the Weatherman bombing or when Puerto Rican terrorist shot it up.

          What a buncha drama queens.

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        • just the right combination of drama queen and middle-school cattiness.

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        • You mean like the ones burned and destroyed and gone forever along with the life’s work of dozens of minority business owners? What is that compared to the destruction they had to take a few pictures of on Jan 7th because it was all back to normal with giant guard fences around everything in less than a week while a taxpayer funded security fetal protected them everywhere they went … so they could go talk about how the police should be defunded in our peasant neighborhoods without the rabble bothering them?

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    • Entitled narcissists give each other awards for being The Best and Bravest Ever. Worship them, you peasants!

      We have an 18th century French aristocracy governing us. That’s sure to end well.

      Like

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