Pro Perspectives 7/2/21

July 2, 2021

The jobs report this morning came with no big surprises.  As we discussed yesterday, the job growth will really kick in this month (the July report), as more than half the states push the unemployed back into the job market, by ending the federal unemployment subsidy. 

In a undersupplied labor market that is overwhelmed with demand, these workers will be commanding higher wages.  And higher wages will feed into an already hot inflationary environment. 

With this backdrop, we'll kick off Q2 earnings season when bank earnings start rolling in, the week after next.  Q2 earnings are going to be huge, especially compared to the same period a year ago — in a locked down economy. 

In sum, the month of July will probably be the realization (in the data) of a boom-time economy.  But it will also come with the realization that we are entering a period where we could very well see double-digit inflation by next year.  

These are the moments when wealth can be destroyed, by holding cash — and wealth can be created in key asset classes.

It takes action, and I want to make sure you are acting, not watching from the sidelines.  With that, as you’re celebrating the July 4th holiday this weekend, take a moment to sign up for my premium advisory service.

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