😱 Will Labor Market Distortions Drive Inflation?

Good morning. Jobless claims have dropped to a 14-month low. Based on the latest numbers, initial..

It's the monthly jobs numbers today and they're not going to be pretty and will be possibly the tip of the iceberg as we head into May.

Good morning. Jobless claims have dropped to a 14-month low. Based on the latest numbers, initial jobless claims came in at 406,000 against an expectation of 425,000. About 16 million Americans are still receiving some sort of benefits. However, many states are ending additional unemployment benefits of $300 per week on top of state levels. The labor market will continue to trend back to normal, but will still take some time. Until then, a number of distortions exist. Average state and expanded federal benefits came out to over $600 per week, or the equivalent of a $15 per hour minimum wage. With most states at $10 or less, it's clear that higher wages for lower-level work will be the norm to entice workers back. For higher wage workers, it means higher costs for the goods produced by lower-wage workers. This is a phenomenon known as "wage push" inflation, and it was a driver of the higher inflation rates of the 1960s and 1970s. Its return in 2021 could bode poorly for economic growth. Now here's the rest of the news: Sponsored Content Hidden Income 'Hack' This hidden income strategy was just leaked and it can be yours now. It goes in depth about how you can start off with a small account and turn that into your own weekly paycheck. Learn how you can GAIN that extra advantage over what others aren't doing. Click HERE to get this secret. MARKETS DOW 34,461.88 +0.40% S&P 4,200.48 +0.11% NASDAQ 13,736.28 -0.01% *As of market close • Stocks traded mixed on Thursday, with the Nasdaq just barely closing lower. • Oil rose 0.9 percent, closing at $66.83 per barrel. • Gold traded flat, around $1,901 per ounce. • Cryptocurrencies rose, with Bitcoin last at $38,793. Today's TOP TIPS Another Iconic Company Transforms Following One of the Top Trends of the Decade Technology trends are already starting to shape the decade of the 2020s. This decade will be a transformative one in many ways. Fossil fuel companies are already starting to address carbon emissions. For the automotive sector, the success of Tesla Motors (TSLA) is pushing other carmakers to also offer electric vehicles as well. The market is rewarding that news with much higher share prices. » FULL STORY Insider Trading Report: PennyMac Financial (PFSI) Farhad Nanji, a director at PennyMac Financial (PFSI) recently added 187,870 shares. The buy increased his holdings by nearly 7 percent, and came to a total purchase price of $11.7 million. This follows up from other buys from the director in the past month. Overall, company insiders have been particularly active on both sides, although total insider sales greatly outnumber insider buys. Despite the massive insider sales lately, insiders still own 49 percent of company shares. » FULL STORY Unusual Options Activity: Comcast (CMCSA) Shares of cable and entertainment giant Comcast (CMCSA) have been trading in a range in recent weeks. One trader sees a return to the high end of that range in the days ahead. That's based on the June $59 calls. Expiring in 21 days, over 31,800 contracts traded, a 163-fold increase in volume from the prior open interest of 194 contracts. The buyer of the calls paid about $0.42 to make the trade. » FULL STORY IN OTHER NEWS • Strangest Trading Secret Ever? Tens of thousands of traders follow his every word… Yet until now... He's never strolled to the microphone and provided a simple explanation behind his 20+ years of legendary trading success… But hold onto your hat... As direct from his luxurious villa on the Caribbean island oasis of St. Croix… He's unveiling an incredible secret he's held tight to his chest for decades - but that he's finally ready to divulge. But it gets better: I've also secured you limited-time access to his uncensored presentation notes. So on an ongoing basis, you can reference the little known strategy he's about to introduce you to. Access it now while you still can. (By clicking the links above you agree to receive email updates and special offers from Trader News Media.) • Yellen Compares Economy to 2010 in Call for Continued Spending With housing demand strong and with inventories low, "whisper listings" are on the rise. These transactions involve a broker showing an unlisted property to potential buyers in the hope of getting a quick deal made. While its use is discouraged by National Association of Realtors, it has grown to 3 percent of the market, up from 2.6 percent a year ago. • One Economist Sees Near-Zero Interest Rates for Years With many investors focused on the Federal Reserve tapering its current bond-buying or even raising interest rates once again, one economist sees interest rates staying near zero indefinitely. In what may even be a new normal, keeping interest rates low will ensure the economy doesn't completely collapse. And while risking inflation, lower rates make it easier for the government to afford its current deficits. • Jamie Dimon Warns on Housing Prices Jamie Dimon, CEO of JPMorgan Chase (JPM) sees a "little bit of a bubble," in housing prices. However, given lower leverage in housing and stronger mortgage underwriting, homeowners can weather a modest decline in their real estate holdings without having a potential repeat of the housing crisis of 2008-2009. He was the only banking CEO to admit the possibility of a housing bubble in front of a Senate committee. • Senate GOP Unveils $928 Billion Infrastructure Bill Faced with an impasse over a $1.7 trillion infrastructure bill proposed by President Biden, Senate Republicans have unveiled a plan that's nearly half the cost. It's an increase from the GOP's original $568 billion proposal, and dedicates funding to improve and repair roads, bridges, rail and other transport systems over 8 years. • Cashflow Firm Agicap Raises $100 Million Agicap has raised $100 million at a valuation of $500 million. The company creates software that allows companies to track cash flow in real time as well as compile reports and forecasts. This provides better tools for small businesses rather than relying on multiple pieces of software or multiple spreadsheets. S&P 500 MOVERS TOP GE 7.09% F 7.05% IVZ 5.252% APTV 5.238% UA 4.967% BOTTOM DLTR 7.707% EBAY 3.141% PNW 2.534% INTU 2.416% PG 2.273% Quote of the Day Equity markets are quiet as investors continue to anticipate the Fed's next move. Low volatility and low trading volume are a frequent occurrence in the week leading into a holiday. - Mark Hackett, chief of investment research at Nationwide, on why the market has quieted down in recent sessions, and what investors are looking for before a bigger market move is likely in either direction. Sponsored Content Hidden Income 'Hack' This hidden income strategy was just leaked and it can be yours now. It goes in depth about how you can start off with a small account and turn that into your own weekly paycheck. Learn how you can GAIN that extra advantage over what others aren't doing. Click HERE to get this secret. Not sure the best way to get started? 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