News Story of the Day: Well, it wasn’t a May that many had hoped for or forecasted, so how will President Donald Trump spin it? He will likely say, “See! That’s why we need lower interest rates!”
According to the Bureau of Labor Statistics (BLS), the U.S. economy added just 75,000 new jobs and the unemployment rate was unchanged at 3.6 percent, a 49-year low. The average hourly wage grew just six cents to $27.83, but the 12-month rate slowed from 3.2 percent to 3.1 percent.
The biggest gains were found in professional and business services (33,000), education and healthcare (27,000), leisure and hospitality (26,000), and wholesale trade (7,100). The biggest losses were in government (15,000), retail trade (7,600), and information services (5,000).
This could give the Fed ammunition to cutting interest rates as early as next month.
Chart of the Day: The market is betting that the United States central bank will cut rates by 25 basis points in July. Here is a chart courtesy of CME Group FedWatch tool:
Illustration of the Day: Sure, former Vice President Joe Biden isn’t campaigning as hard as his Democratic rivals, but he is still winning voters one at a time.
Quote of the Day: The other night, Fox News Channel host Tucker Carlson called out Austrian economics and libertarian ideologues because he thinks these elements represent the Republican Party. That’s laughable, but Jeff Deist of the Mises Institute had a great piece that taught Carlson a thing or two. Here is an excerpt from “Tucker Carlson’s Broadside Against Austrian Economics“:
It’s a compelling story, but untrue. Does Carlson honestly think Republican members of Congress are overly theoretical and ideological? And here we thought they were a bunch of unprincipled and poorly-read hacks!1
Does he honestly think the budget-busting GOP of recent political memory, from Bush II (Iraq War, Medicare Part D, Department of Homeland Security, Patriot Act), John McCain, Mitt Romney are ideological libertarians? Why did Ron Paul and Rand Paul fare poorly among Republican primary voters, if in fact free-market ideology and its donor class dominate the party? And hasn’t the party been overtaken by Trumpist protectionists?
Of course we’re pleased when Right populists recognize the influence of the Austrian school, just as we’re pleased when Left-liberals at the New Republic convince themselves that Misesean “neoliberalism” has taken over the world. We note that Mises and Rothbard continue to receive criticism decades after their respective deaths, a testament to their deep (and apparently nefarious!) influence and an honor given to few economists.
Tweet of the Day: There is a big difference between liberalism and leftism. Liberalism is pro-speech, anti-war, and anti-censorship. Leftism is the opposite of that – and then some!
The modern popular left-wing movement:
– pro censorship
– anti free speech
– anti humour
– pro violence (in the ‘right’ direction)
– pro racism (in the ‘right’ direction)
– pro giant corporations
– anti border control
– pro abortion
– anti toleranceWhen did it all go wrong?
— ZUBY: (@ZubyMusic) June 6, 2019
Video of the Day: You gotta love when the federal government tries to adopt a one-size-fits-all approach to educating students. What’s worse is when that measure fails miserably. Just take an example of this comparison between Common Core and basic math:
This is the intention of Common Core , to over complicate, confuse, and drain the confidence of children.
RETWEET if you agree with taking Obama’s Common Core out of our school system! pic.twitter.com/1tV0AobxnV
— Jennifer 🔱🇺🇸🔱 (@GodLovesUSA1) June 6, 2019
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