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This morning's headline June Employment Report told us nothing other than nothing has changed. At -62,000 US non-farm payrolls the reported "Trend" remains negative.

Interestingly, away from the headlines CNBC is flashing you, there were 3 other callouts within this morning's employment data to consider:

1. The weekly jobless claims print of 404,000 takes us higher yet again on a 4 week moving average basis, ensuring that the July employment #'s could be worse

2. The non-farm payroll # for May was revised down from -49k to -62k. I know, it's worse when the right number is even worse than the one that initially freaked you out.

3. The -62k monthly change in non-farm payrolls was 10x as bad in 1974. Pull up the data set for some perspective. We're just getting started here folks!

After 16 years and 64 consecutive quarters of real growth, the US Consumer spending bull market is ending. This is only the beginning of the end.
KM