Brent Nyitray
Fairlington Blade
Let the mutherfuker burn!
jnc4p
Kevin S. Willis
Michigoose
lmsinca
markinaustin
Memetrics
novahockey
quarterback
ScottC
yellojktVital Statistics:
| Last | Change | |
| S&P futures | 4,423 | 3.2 |
| Oil (WTI) | 69.64 | 0.65 |
| 10 year government bond yield | 1.28% | |
| 30 year fixed rate mortgage | 2.96% |
Stocks are higher this morning after a better-than-expected jobs report. Bonds and MBS are down.
The economy added 943,000 jobs in July, according to the BLS. This was higher than expected, and much better than the ADP jobs reading on Wednesday. The unemployment rate fell from 5.9% to 5.4%. The number of employed increased by 1 million, while the number of people who were unemployed fell by 800k. The labor force participation rate ticked up to 61.7%.
The report notes that the payroll increase may have been distorted by seasonal adjustments for education. COVID issues meant there were fewer than normal June layoffs, which exaggerated the July payroll increase.
Average hourly earnings increased 0.4% MOM and 4% YOY. I suspect the wage increases will be more persistent than people are thinking, and the bargaining power may be in the hands of workers for the first time in decades. This will support inflation, although wage-driven inflation is exactly what the Fed wants to see.
The Delta variant of COVID has caused companies to push back the return to the office. Apple was the first to push it back, and now we have Amazon.com delaying the return until next year. Wells has also delayed the return by a month. That said, office REITs like SL Green say that most employers are targeting a post-Labor Day return.
Servicer satisfaction increased during the pandemic. I guess forbearance makes borrowers happy. Rocket, Huntington and Guild were the favorites.
Filed under: Economy, Morning Report |
All Things in Moderation 
FYI
https://www.washingtonpost.com/technology/2021/08/05/apple-child-pornography-iphone/
I’m sure this will never be used for say identifying protesters on 1/6.
Relatedly, someone should warn Hunter Biden about this change.
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which is kind of funny giving the left’s campaign to legalize pedophilia.
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It’s just the rationale that they think will get the least pushback.
As the Post piece notes, it’s ironic give that Apple refused to help the FBI unlock the San Bernardino shooters’ phones. Apparently protecting the privacy of mass shooters vs pedophiles was where they drew the line.
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There is literally nothing Hunter could do that would cause any sort of investigation. It’s hard not to envy his absolute freedom. I hope he takes full advantage of it.
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Technical details and backstory. Much better than the Post & NY Times write ups:
https://threadreaderapp.com/thread/1423091097933426692.html
https://www.eff.org/deeplinks/2021/08/apples-plan-think-different-about-encryption-opens-backdoor-your-private-life
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Manchin urges an end to QE
https://www.politico.com/news/2021/08/05/manchin-fed-economic-stimulus-powell-502643
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This does seem like the track they should take:
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No doubt. The left has been showing its ass for the past 5 years, and it is time to run a highlight reel.
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Problem of course being that Reagan isn’t around anymore to actually make the argument and the rest don’t seem up to it.
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They will not take that track. But absolutely they should take that kind of approach. It’s rock-solid marketing.
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The full speech is worth a reread:
https://www.americanrhetoric.com/speeches/ronaldreaganfarewelladdress.html
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Good read:
“Reader Email: “Vaccine Hesitancy” Is A Class Issue
Michael Tracey”
https://mtracey.substack.com/p/reader-email-vaccine-hesitancy-is
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DeSantis must be paying them for this.
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Lol
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Dayum.
https://www.theepochtimes.com/warden-at-jail-holding-epstein-associate-ghislaine-maxwell-charged-with-murder_3937939.html?utm_source=partner&utm_campaign=BonginoReport
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It’s funny because it’s true. Like, super accurately true.
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He doesn’t have to. They do it for free because they are arrogant morons.
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I’m not sentimental in most ways and I can be a pretty cold fish. This article (and the video) really moved me. I’m pretty sure I’m not capable of this kind of love and devotion. I mention this because Never Mind the Bullocks is, to me, one of my favorite albums of all time; it’s a Perfect Album. And John Lydon is someone I have admired for a very long time. There aren’t a lot of people who live life completely (or seemingly so) on their own terms.
https://www.mirror.co.uk/3am/celebrity-news/sex-pistols-john-lydon-says-24749029?fbclid=IwAR3mgCpjd8P8zbnncIqrRDuPApgTb99Imvbob6owuUKzXNULlxfU_iUkSZU
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