5/9/2021 2:48:52 PM GMT
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Employers adding a measly 266,000 new jobs – sharply missing Wall Street’s expectations – amid a growing shortage of available workers. The unemployment rate unexpectedly rose to 6.1% while it’s still well below the April 2020 peak of 14.7%, it’s about twice the pre-crisis level, the Labor Department said in its monthly payroll report, released Friday morning. Economists surveyed by Refinitiv expected the report to show that unemployment fell to 5.8% and the economy added 978,000 jobs. – Kristen Altus, “US Labor Secretary on Why Americans Aren’t Going Back to Work,” www.foxbusiness.com/, May 7, 2021.
In any event, a pullback in world equities didn’t start last week, the first week of May– the first week of the month that investors love to chant, “Sell in May and go away.” The only problem is that “selling in May and going away” for more than a month hasn’t worked since 2015. It used to be that you
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