The U.S. Economy Created 206,000 Jobs in May, While the Unemployment Rate Rose to 4.1%…
What It Means— Jay Powell scored a hat trick. The jobs market and economy cooled while the long bond eased. Now, if the Fed chair and other central bankers talk up lower GDP expectations, a September rate cut will be all but assured.
Pols Go Mad After Biden Flubs Debate… After his disastrous performance in last week’s debate, the hits keep coming for President Biden, as democratic heavyweights mull whether it’s better to cast him aside as commander-in-chief and elevate Vice President Harris. The Democratic National Convention also could look outside and choose a regional favorite like California Governor Gavin Newsom to be the standard-bearer in November.
What It Means— Biden got all the attention last week, but not in good way. What can you say? It was awful. Undecided voters got a huge shove toward Trump, so now it’s time for him to pick a VP candidate. We’ll see if he goes with a safe choice like former South Carolina Governor Nikki Haley or with an outsider while the DNC tries to keep the ship from sinking as the convention looms.
Manufacturer’s Index Total Month-Over-Month Fell -0.5%… The statistic is considered an economic bellwether.
What It Means— It looks like Chair Powell is getting exactly what he wants, an economic pause that will allow him to hold rates where they are for one more meeting. If economic forces are decidedly lower, then the central bankers can be certain that inflation is contained before they cut rates.
Florida Man Shoots Walmart Drone Out of the Sky… A Walmart team that had gone to a neighborhood to educate people on Walmart drone deliveries instead were schooled by a resident, who blasted the drone as it prepared to land. The two-man team reported a gunshot, and later the police confirmed that 72-year-old resident Dennis Winn, when asked, said he’d had an “incident” with a drone. Winn said he believed drones are watching him. The drone operator instructed the device to return to Walmart, where an inspection found about $2,500 of damage to the device.
Shooting a gun in a residential neighborhood is a bad idea, but Mr. Winn likely is correct: they are watching you. Aerial surveillance has been with us for a long time, starting with satellites, but those are expensive. Drones provide cheaper surveillance, but they are more vulnerable. Now, anyone can knock out a drone with the use of cheap electronics and a kid’s game… from Walmart… that they might deliver via drone: I’m thinking replacement balls for a ladder-ball game (which look a lot like hunting bolas) could work.
Data supplied by HS Dent Research
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