I know the jobs report bounced back and everyone got all excited and clearly, it's a good sign because it would have been a nail in the coffin, I think, for the growth trend for the remainder of the year had that not happened.
However, looking at Federal Government spending trends--and there is the risk that I am getting too "micro" in my analysis, here, but nonetheless--it seems to me that spending data has slowed to a stall, at least the way I see it, and that suggests the economy is also at a stall.
Spending could pick up and, admittedly, it is looking a little bit better now than it looked around the first and second weeks in April and I understand that April, being tax month, is when individual and firms' bank accounts get drained so there is some seasonality at play here.
With respect to that latter comment, being that this is the seasonal, "Sell in May and go away" period and the market is hanging in there pretty well (i.e. undergoing perhaps a "churning" correction), then things may actually not be all that bad.
I will see in the coming days, based off flows from the DTS, what it looks like.
#Itsnotaboutthedeficit
