* Once again, a week of worse than expected economic data punctuated by another better than expected non-farm payroll report from the government

* ADP private sector payroll report was slightly below estimates

* 5,000 manufacturing jobs lost - 3rd consecutive monthly decline

* Unemployment rate dropped

* Labor participation rate up to 62.9 - .2% above lowest point

* Large sector of labor force still comprised of older workers

* Teens, twenties and thirties are at all-time lows

* Older Americans want part-time jobs, so increase of part-time jobs contribute to increase in all jobs

* Given the strong government jobs number, the media is discounting all the weak data, including GDP, productivity, consumer spending and industrial production

* The jobs we're creating do not reflect economic strength

* The weekly unemployment numbers are hovering at 42-year lows

* Does anyone believe that this is the strongest economy in 42 years?

* The hiring numbers are suspect to begin with because of the government's assumptions

* The Trade Deficit dropped not because our exports surged, but because out imports plunged

* Our economy is too weak to support a greater number of imports

* A closer look at the data behind the government jobs number actually supports the rest of the weak economic data

* Personal Income and Spending on the month missed estimates

* May Manufacturing PMI dropped slightly

* April Factory Orders fell by more than expected

* Year over year, orders are down 6.4%

* 6th consecutive month that factory orders have been down year over year

* This has only happened in America during a recession

* Mortgage applications fell sharply on the week - 7.6% decline, led by a 12% decline in re-fi's

* May Services PMI fell to 56.2 - lowest level since January

* ISM Non-Manufacturing Index dropped to 55.7 - the lowest level of the year

* The revision to Q1 Productivity - 3.1% decline

* We also had a decline in 2014 Q4

* Corporate profits plunged 5.9% in Q1

* Unit Labor Costs surged by 6.7% - this does not represent wages

* All this data predicts future layoffs

* The Fed knows this, so they are reluctant to raise rates

* The Bloomberg Weekly Consumer Comfort Index fell to 42.5 the 8th consecutive decline - the first time in its 30 - year history

* The Dow continued to decline on the jobs report

* NASDAQ still hanging in

* Margin debt is at a record high

* The dollar was stronger on the week

* The euro finished positive

* By next year European inflation will force the Bundesbank to retreat from QE

* Gold was down on the week, as euro strength signals QE less likely in Europe

* Expectations of rising interest rates have been suppressing gold, but when reality rears its ugly head, the sellers will be gone and the buyers will be out in full force


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