Economic News - Manufacturing Cuts 12,000 Jobs, Gold Holds, Corporate Profits Signal Recession

Economic News January 11, 2020.
The first day with the new Flip. We begin with the jobs data missing expectations coming in at 145k jobs added but the concerning part is the decline in wages combined with the loss of high paying jobs like manufacturing. The payroll data revealed that manufacturing cut 12,000 jobs and almost all of the job gains were low wage with the bulk in retail for December, so it's possible many of these were seasonal. We also take a look at the recent moves in commodities Oil recently had one of it's worst one-day drops in years yet gold and silver combined with copper all squeezed out gains. Another troubling sign is corporate profits as we point out how the trend suggests the recession is late. Corporate profits began to decline in 2014 this is typically a very strong recession indicator.

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