“Trade what you see; not what you think.” – The Old Fool,
Richard McCranie, trader extraordinaire.
PRODUCTIVITY (Bloomberg)
“-Nonfarm output per hour dropped at 2.7% rate in first quarter
-Labor costs accelerated to 6.3%, nearly twice prior quarter”
https://www.bloomberg.com/news/articles/2023-05-04/us-productivity-declines-more-than-forecast-labor-costs-climb#xj4y7vzkg
JOBLESS CLAIMS (FOX Business)
“The number of Americans filing for unemployment benefits came in higher than expected last week, an early sign the labor market is beginning to soften in the face of higher borrowing costs... initial claims for the week ended April 29...[were]...242,000, higher than the 2019 pre-pandemic average of 218,000 claims.” Story at...
https://www.foxbusiness.com/economy/jobless-claims-come-higher-expected-april-jobs-report
TODAY’S COMMENT:
Bother Bollinger Bands and RSI were close to oversold around mid-day today, so I expect a bounce soon.
I made no changes in investments today. My position in the regional banks, (KRE) is
very small. It is also not usually a
good idea to sell into panic, such as regional banks today. I ‘ll look at KRE in the next several days as
a possible sell.
As noted yesterday, I am too busy to post a full blog
today. I’ll post Friday’s blog on
Saturday.
“-Nonfarm output per hour dropped at 2.7% rate in first quarter
-Labor costs accelerated to 6.3%, nearly twice prior quarter”
https://www.bloomberg.com/news/articles/2023-05-04/us-productivity-declines-more-than-forecast-labor-costs-climb#xj4y7vzkg
“The number of Americans filing for unemployment benefits came in higher than expected last week, an early sign the labor market is beginning to soften in the face of higher borrowing costs... initial claims for the week ended April 29...[were]...242,000, higher than the 2019 pre-pandemic average of 218,000 claims.” Story at...
https://www.foxbusiness.com/economy/jobless-claims-come-higher-expected-april-jobs-report
Bother Bollinger Bands and RSI were close to oversold around mid-day today, so I expect a bounce soon.
