The US added 272,000 new jobs in May, coming in hotter than analysts expected. Laffer Tengler Investments top executive & CIO Nancy Tengler joins Catalysts to break down the print and the overall state of the consumer.
“I think this is a slow decline and you know, we got the numbers today that show average hourly earnings up somewhat and revised upward. But these numbers get revised dramatically. And so you have to pay attention in the near term,” Tengler warns. She explains that the long-term trend she’s seeing is that average hourly earnings and personal savings rates have declined, adding, “What we’ve seen in retail is a tale of two cities” as low-end consumers are being hit harder by inflation.
As for the industry’s (^DJI,^GSPC, ^IXIC) reaction to May’s jobs report, Tengler says, “I think when you’re looking at these things minute-by-minute and day-to-day, the algorithms and the hedge funds have an outsized impact on the markets. So what you see typically is you get these violent swings.” She adds that the volatility that hedge funds create provides opportunities to buy low. Despite the industry swings, she reiterates that we’re in a bull industry and investors should pay attention to long-term trends.
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