Economic reports today were mixed with some hard to believe.
The all-important Employment Report led the list of reports.
It showed 223K jobs created vs 230K expected & prior revised lower to 254K.
The Unemployment Rate dropped to 5.3% vs prior 5.5%. Naturally, the headline numbers are what Americans are fed and respond to.
Within the data however we see an only 62.6% Participation Rate meaning 93.6M Americans are out of the labor market.
Further, earnings for the period were disappointing dropping to 0.0% vs prior 0.2%. Most new jobs created were for restaurants, part time and other service jobs.
The data made sense since the follow-on was another drop in Factory Orders