Record-high asset prices should be accompanied by strong economic data and trends. However, the data continues to underwhelm:
• April job numbers were below expectations.
• Job openings dropped to 8.49 million, down by 320,000 since the month before.
• Hiring rate the slowest in 10 years
• Inflation is accelerating.• Purchasing Managers Index (PMI) is at 37. Below 40 signals recession (some say below 50 is contractionary).
• Manufacturing activity is slowing (ISM down).
• Household-reported employment is down 730,000 in 12 months.
• Employment growth from existing businesses is down 75% in 3 years.
• Full-time employment declining.
