“Companies in the U.S. hired fewer workers than projected in May as federal budget cuts and higher taxes stifled greater improvement in the labor market. The 135,000 increase in employment followed a revised 113,000 gain in April that was smaller than initially estimated, the ADP Research Institute reported today.
…“The job market continues to expand, but growth has slowed since the beginning of the year,” Mark Zandi, chief economist at Moody’s Analytics Inc., in West Chester, Pennsylvania, said in a statement.”
…Because stimulus has failed to kick-start economies, government debt in developed markets has continued to skyrocket, and total debt remains on an uptrend too. In fact, total debt to developed market GDP is 270%, 21 basis points higher than it was in 2008!
…In many respects, Japan is the template for what’s to come in other developed markets. After an enormous credit bubble which burst in 1990, Japan has refused to restructure its economy in order for it to grow in a sustainable manner. Instead, it’s chosen the less painful route of printing money to try to revive the economy and reduce debts in yen terms.” James Gruber from Kitco Commentary at…
Wednesday, the S&P 500 closed down 1.4% to 1609 (rounded).
The NTSM system sold at 1575 on 16 April. (This is just another reminder that I should follow the NTSM analysis and not act emotionally – I am under-performing my own system by about 2%!)