Theres Something Fishy Here Fishy GIF - Theres Something Fishy Here Fishy Suspicious GIFs

I have often stated to trust the “Household Survey”, versus the “highly-suspect” Payroll #. A whopping 309,000 “jobs” came from the birth-death adjustment (no such fudging ability in household survey).

Either GDP data is wrong or the Labor market data is. I’ve never seen a “strong” labor market be synonymous with a shrinking economy. The gain of 528K jobs in July, while the labor force participation rate fell to 62.1, tells me that most of the new jobs went to people who already had jobs. 

My opinion on today’s # is:

Healthy consolidation of most recent gold gains came right at top of major down channel. Welcomed and no surprise on my end. I do believe gold is going to get above 200-Day M.A. before too long.

I will be on with Drew today at 5PM ET