Labor

Printing a perfectly as-expected 173k rise in jobs for May, ADP Employment change offers hope for tomorrow's payrolls to give The Fed the go-ahead for a rate-hike. This is still the second lowest print since last September as manufacturing (and goods-producing) jobs fell once again.

A little hope for tomorrow...

But note that today's ADP report does not include the Verizon strike data which means that the 173k ADP print is likely higher than what tomorrow's payrolls print will be (by around 25-35k)

It is often said that immigrants “do the jobs that Americans won’t do.” While there are no major immigrant-dominated jobs in the U.S.—even about half of drywall installers are native-born—the claim does contain a kernel of truth. For over 50 years, a growing percentage of native-born American men have dropped out of the labor force altogether. For these men, every available job is a job they won’t do. Rather than focus on reversing the trend of idleness among native men, American politicians and business leaders have bandaged the problem with immigrant labor.

Submitted by Mike Krieger via Liberty Blitzkrieg blog,

Submitted by Charles Hugh-Smith of OfTwoMinds blog,

Flexible labor is the future for the basic reason that it is the only viable model going forward.

If we can't go forward, then let's go back: this is the guiding philosophy of the labor movement that seeks security via strict work rules. The premise here is simple: employers could provide their employees with secure employment if only they weren't so greedy.

The Beige Book offered its ubiquitous modest, moderate, mummified growth outlook but added a few points that provide The Fed more ammo for hiking rates.

The key higlights from the report: