Still Positive, But A Bearish Case Building

I remain positive on the economy despite disconcerting news this week on the employment front and continued interest rate increases around the world. However, readers should understand that the bearish case is building, and the world has gotten a bit more uncertain over the last week. The employment report was truly awful: No employment growth to speak of, no growth in hours worked, and no wage growth whatsoever. This is on top of an already poor report for May that was revised downward. I had been bracing myself for a lot of negative data this month, but the employment report was not one of my big worries.