The NASDAQ Is Up 6% in May

In a strong job market people are likely to quit. But if the job market is weak you're kind of going to stay put. The fact that the quits rates are going down would suggest that the labor market is not really as robust as this jolt's report would suggest. This is the only really strong number that we've had in the last week and a half. Most of the numbers have been like the Chicago PMI. Maybe not quite as bad as this one, but they've been worse than expected. And all flashing recession as the Fed is hiking rates and as inflation continues to get worse.