Vital Statistics:
| Last | Change | |
| S&P futures | 4,106 | -40.25 |
| Oil (WTI) | 109.81 | 1.69 |
| 10 year government bond yield | 3.10% | |
| 30 year fixed rate mortgage | 5.54% |
Stocks are lower as markets continue their post-Fed sell-off. Bonds and MBS are down.
The economy added 428,000 jobs in April, which was a touch above the 400,000 consensus estimate. The gains were widespread, with leisure / hospitality adding 78,000 and manufacturing adding 55,000. Despite the recent gains in payrolls, we are still about 1.2 million jobs below pre-pandemic levels.
The unemployment rate was flat at 3.6%. Average hourly earnings increased 5.5% year-over-year. The labor force participation rate declined to 62.2% and the employment-population ratio declined to 60%.
Overall, this is a strong jobs report and it gives the Fed leeway to keep increasing interest rates. Historically, a 3.6% unemployment rate is exceptionally low, so they could let it increase modestly and still be within the boundaries of “full employment.”
Delinquencies declined to 4.11% in the first quarter, according to the MBA. This was down from 4.65% in the fourth quarter of 2021 and 6.38% a year ago. FHA delinquencies fell substantially. Most of the decrease was in the 90+ day bucket where the loans were either cured or entered post-forbearance workout plans.
Filed under: Economy |
All Things in Moderation 
Interesting read:
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Good read:
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Why there is any Government role is marriage I’ll never know.
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Why would you do it if the state didn’t force you to?
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Well, Jesus freaks think it’s important.
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McWing:
Well, Jesus freaks think it’s important.
I think that most women, religious or not, think it’s important.
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Sadly, yes.
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Well this is amusing and revealing:
Come Elon…sort this shit out!
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I read this as Fauxahontas not supporting any limits on abortion.
https://citizenfreepress.com/breaking/pocahontas-refuses-to-answer-the-question/
Is that the correct interpretation?
Second video.
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McWing:
I read this as Fauxahontas not supporting any limits on abortion.
Most of the establishment Dems don’t support any limits. It’s just another of the many issues on which the Dems have demonstrably become increasingly radical. All the while, of course, they gaslight people about how far to the right the R’s have moved.
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Was listening to Ben Shapiro yesterday and he made this case really well. He mentioned that McGovern couldn’t get nominated in the Democratic Party now as his platform was that abortion laws should be left to the states. That Biden said Roe went too far in 1972. That the Democrats previous mantra of “abortion should be safe, legal and rare” would be unacceptable in the modern Democrat party. Because of the “rare”—as that implies a judgement.
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“That Biden said Roe went too far in 1972. ”
If only there were video of that.
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There’s this recent story from The Guardian about 1982 when Biden said we should oveturn Roe.
https://www.independent.co.uk/news/world/americas/us-politics/biden-roe-v-wade-overturned-b2072143.html?amp
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You know we are in trouble when Friedman starts to make sense:
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See, this is a good kind of protesting.
https://citizenfreepress.com/breaking/democrats-scream-outside-homes-of-justice-roberts-and-kavanaugh/
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It’s especially hilarious they’re in front of Roberts house.
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TOTALLY not an insurrection.
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Protestors in front of Kavanaugh’s house are chanting “You don’t care if people die,”
These people are ignorant on so many levels. I haven’t said this in a long time, but we live in the Twilight Zone.
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They are. Although I’m guessing Kavanaugh doesn’t care if any of those protestors die. Good lord know I don’t.
If Roberts has any kind of spine (ha who am I kidding) he’d switch his vote to make it a 6-3 decision. In light of this nonsense. If this is demonstrated to influence the outcome this will be the template for all controversial SCOTUS cases going forward.
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KW:
If Roberts has any kind of spine (ha who am I kidding) he’d switch his vote to make it a 6-3 decision.
Well, on the actual case before them, I suspect it is going to be 6-3 anyway. That is, I suspect Roberts will vote in favor of upholding the Mississippi law, but will not sign onto the (presumed) majority opinion and will write his own, upholding the law on narrow grounds without overturning Roe/Casey.
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It worked for upholding Obamacare, remember that Roberts switched his vote and that’s why Scalia’s dissent was so scathing.
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Love this Orson Wells observation on Meyer Lansky, the Mob and The Godfather nexus.
The whole threads fascinating.
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