What is the US economy? One cartoon character tells us it is an idea, a belief, while another character tells us it is stock markets.
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My analysis focuses on consumer demand and employment, both indicated by the asterisk ladened US boxed beef markets.
Don’t Miss a Day: From crude oil to coffee, sign up free for Barchart’s best-in-class commodity analysis. For now, consumer demand still looks to be strong indicating employment held firm through the end of May.
What is the US economy? This question can be viewed from a number of angles: Bullish or bearish? Strong or weak? Contracting or expanding? What I find interesting is that those that call themselves “economists”, I group I proudly say I’m not part of every chance I get, don’t seem to know the answer either. It doesn’t seem that difficult, but if you ask 12 economists to define “economy” you’re likely to get 13 different answers. What’s most telling is that most of the opinions don’t have anything to do with economics at this point but rather fall along political lines. That’s what makes the monthly release of US jobs data (Employment and Unemployment rate) so entertaining. Financial media networks like CNBC will have ever expanding tables of “experts” expressing praise of disbelief over the numbers every month. And it isn’t just the most recent set of figures, but the usual wide-ranging adjustments to past months as well. Taken as a whole, it’s what makes monthly employment report days the comic relief of the financial markets. (If that sounds familiar to what I say about WASDE Days in agriculture, good for you. It’s all the same nonsense.)
