- We got another disappointing employment report last week. The US economy added 559,000 jobs in May, which was below expectations and disappointing.
- There are certainly remaining supply-side issues in the economy, which is what we should expect in a recovery from a supply shock. The problem was a lack of things to spend on, not a lack of cash.
- We copied the Japanese approach to monetary policy with QE even after it failed and continues to fail there. We are nearly a decade into QE here and... it isn’t working. Now our policymakers are set to copy the Japanese again with a big infrastructure spending plan.
For further details see:
Weekly Market Pulse: Looking For Workers In All The Wrong Places