THE US JOBS DATA ON FRIDAY WILL SHOW THE FIRST LOSS OF JOBS IN QUITE SOME TIME...
MOST OF THE JOBS THAT WERE MAINTAINING THE US LABOR MARKET WERE IN THE LOW PAID SERVICE SECTORS...LIKE RESTAURANTS, BARS AND HOTELS...
THERE WAS ALSO A DEPENDANCE ON "PROFESSIONAL SERVICES," IE "TEMPS," WHICH WAS IN DECLINE LAST MONTH FOR THE FIRST MONTH IN MEMORY...
AND RETAIL AND MANUFACTURING HAVE BEEN PUNK FOR A WHILE...
WHAT WILL DRIVE THE US JOBS DATA TO THE NEGATIVE IS A LACK OF HIRING IN TRADITIONAL SUMMER HOSPITALITY BUSINESSES...
WITH $3 GAS NOW A REALITY...
MUCH TOURISM WILL BE LOST OR SERIOUSLY CUT BACK...
THE SUMMER HOSPITALITY INDUSTRY WILL NOT BE HIRING AS MUCH THIS YEAR...
COMBINE THAT WITH THAT SUDDENLY WEAK "PROFESSIONAL SERVICES" AND "RETAILING" NUMBERS...
AND YOU HAVE THE MAKINGS OF A NET DECLINE IN JOBS.
ADDITIONALLY, THE USUAL "POSITIVE GROWTH SECTORS" LIKE GOVERNMENT AND HEALTH CARE AND EDUCATION ARE BEING STRAPPED BY STATE AND LOCAL GOVERNMENTS THAT ARE NEARLY BANKRUPT....AND PLANNING TO LAY OFF WORKERS LATER THIS SUMMER...
SO, A SHOCKINGLY WEAK JOBS NUMBER IS ON OFFER LATER THIS WEEK...
CHANCES ARE THE MARKET WILL SELL OFF...DESPITE THE FALSE HOPE THAT THIS MEANS THE FED WILL LOWER RATES...
THE DOLLAR WILL CONTINUE DOWN...AND OIL BE UP AS A RESULT...
