It's jobs, jobs, jobs!We wonder how much of today’s market angst is due to the surprisingly poor jobs report? That said, we also wonder if that is a legitimate measure of economic recovery.
“From Wall Street to the White House, expectations were high for a hiring surge in April with potentially a million Americans returning to work. Instead, the world learned Friday that just 266,000 jobs were added, a massive disappointment that raises questions about whether the recovery is on track.”
https://www.washingtonpost.com/business/2021/05/07/jobs-report-labor-shortage-analysis/
There is absolutely no reason to expect this recovery to resemble anything that has ever happen before in history. The structure of the world’s economies and trade is materially different, more complex, and more inter-connected than ever before, and how the still raging Pandemic, shipping bottlenecks, and supply chain malfunctions will retard reaching a steady state global economy is still unknown.
It is difficult for us to imagine commodities falling in price simultaneously with the USD, especially with the widespread demand anticipated for copper in EV and solar.
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