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All good
America took the macro baton from China this week in global macro as the real data (JOLTS, Claims, ADP, and NFP) all show a resilient jobs market reminiscent of 2017/2019, while the survey data continues to put up false economic warnings fruitlessly seized upon by bears. There was a bit of angst around the Manufacturing ISM this week as that employment sub-series cratered, but it’s important to know what data matters and what does not. Manufacturing is a less than irrelevant part of the US jobs market. That sector has been contracting for 44 years or so, and there is no reason to care about what’s going on in ... (full story)