Economic data released this morning and yesterday show confusing numbers on jobs and worsening trade flows. The trade deficit increased to $88B in February, highlighting the continuing need to confront Beijing in the economic realm. The weakness the so-callled Biden administration is showing towards the Chinese Communist Party is disheartening, but the Biden family’s compromised position is well known. The monthly number was the worst trade deficit in history and shows the U.S. again slipping into a net-importer of energy under ‘Biden’.
After a big jobs beat last week, this morning shows higher than expected continuing ad initial jobless claims.
As we have written many times, the ‘stimulus’ being handed out like candy will cause some short term gains but long term severe pain.
Continuing Jobless Claims (Mar 26) printed at 3.734M vs 3.65M consensus estimate.
Initial Jobless Claims (Apr 2) printed at 744k vs 680k estimate.
Initial Jobless Claims 4-week average (Apr 2) printed at 723.75k.
Goods and Services Trade Balance (Feb) printed at -$71.1B vs -$70.5B estimate.
Goods Trade Balance (Feb) printed at -$88B.
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