The Strength of the May Job Numbers

The PMI numbers we got came out. This was the main number at 48.4. That was another week number below 50. And the ISM manufacturing was weak also, even slightly weaker than expected. Now maybe the markets looked at that as somehow good news on inflation because they saw a lower print for labor costs and they thought that might be a positive. But of course beneath the surface it probably has even more problems and inconsistencies that call into question the validity of these numbers.