Bad Night At The Whiskey! ADP Jobs Added Flops, Unit Labor Costs SOAR, Labor Productivity Goes Negative (As Monetary Stimulus Wears Off)

Bad night at The Whiskey!

Or a bad day for the US economy.

First, ADP US jobs added flopped (only 128.2k jobs added, the lowest reading under Biden and the massive Federal Reserve stimulus). Much lower than the expected 300k. Second, nonfarrm labor productivity fell in Q1 -7.3%. Third, unit labor costs soared to +12.6%.

M2 Money stock YoY is falling, but remains at 8% YoY.

Here is the summary table for today.

And then we have the Atlanta Fed GDPNow, real-time GDP tracker for Q2 at 1.3%.

As M2 Money growth slows, US GDP is slowing as well. Is this a monetary hangover??

And, of course, rents are soaring for the American middle class and low wage workers.

Here is a video of Biden meeting with Fed Chair Powell to discuss what to do to middle-class Americans with regards to inflation.