— tom keene (@tomkeene) August 4, 2017
zerohedge.com / by Teddy Vallee via Pervalle.com / Aug 6, 2017
Tom Keene was out with a chart today referencing Zerohedge’s point that a large percentage of the non-farm payroll growth has been a result of lower paying industries, such as food and drinking places – or as they would put it, more bartenders.
While a job is a job, the composition and strength of gains is quite important, as it gives us an understanding of aggregate health.
If total growth is strong, but is the result of only a few sectors, the breadth of the overall market is weak. This typically provides us with a signal on where the overall market is heading – and this goes both ways.