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COMMENTARY LOG GERMINATIONS EDUCATIONAL ROOTS

See the forest AND the trees.

Through the Fog

THROUGH THE FOG, GROWTH

By Alan Hartley, CFA | Published 2012/06/04

The May employment situation report was released Friday morning. Last month, the unemployment rate ticked higher, hourly and weekly earnings (both nominal and real) for production workers fell, and job gains were less than consensus expectations. However, despite the market’s negative reaction to the news, the report contained a few overlooked positives. The household survey registered a 422,000 increase in employment and the establishment survey showed that both temp worker employment rose and part-time employment (due to economic slack) declined.

Other reports released the same morning were generally more positive. Personal consumption expenditures rose, as did personal income. And the new orders component within the ISM Manufacturing report reached a thirteen month high.

The risk of recession is rising. But for now, we believe data continues point to a growing, albeit slowly, U.S. economy.

This material contains the current opinions of the author but not necessarily those of Black Cypress and such opinions are subject to change without notice. This material is distributed for informational purposes only. Forecasts, estimates, and certain information contained herein are based upon proprietary research and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. No part of this article may be reproduced in any form, or referred to in any other publication, without proper reference. Past performance is not a guarantee and may not be a reliable indicator of future results. ©2013, Black Cypress Capital Management