Growth in total non-farm payrolls ticked up to 1.76% for the 12 months to April 2019, supporting Fed reluctance to cut interest rates.
The Philadelphia Fed Leading Index has been revised upwards, above a comfortable 1.0%.
Real GDP growth came in at a healthy 3.2% for the 12 months ended 31 March 2019 but growth in total hours worked sagged to 1.47%, suggesting that GDP growth is likely to slow.
Growth in average hourly earnings came in at 3.23% (total private), suggesting that inflationary pressures remain under control. Little chance of a Fed rate hike either.
The S&P 500 retracement respected support at 2900. Rising Money Flow indicates buying pressure but gains seem tentative.
US growth looks to continue but commodity prices warn that global growth is slowing.
Nymex crude penetrated its lower trend channel, warning of a correction. Despite the supply impact of increasing sanctions on Iran and Venezuela, and the threat of supply disruption in Libya.
A similar correction on DJ-UBS Commodities index reinforces that global demand is slowing.
